The market was quiet today ahead of the Fed announcement tomorrow. After trading around unchanged most of the session the major averages finished about where they started. The COMPQ was up by .12% while the SPX gained .03%. Both closed near the bottom of their intraday trading ranges, a sign of a lack of support. Volume was lower across the board and well below average. Few want to take meaningful positions until we see how the market reacts tomorrow. Leading stocks were weaker than the overall market with the leaders index declining 1.01% on very low volume. The index closed low in it’s intraday range and is slightly below it’s short term moving averages. Nothing much happened today as we wait for the results of both the BOJ and Fed meetings. Tomorrow should be more interesting. Jerry
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