The market opened a little higher and after some selling rallied to small gains or small losses. Late selling came in and all the major averages finished low in their intraday trading ranges. The Nasd averages were the weakest with the COMPQ and the NDX falling .43% and .67% respectively. The SPX was pretty much flat with a tiny loss. Volume was higher across the board. This produced a distribution day on the Nasd averages. The decline in the SPX was to small to qualify. Leading stocks were mixed overall with the leaders index declining .14% on the day. The index closed low in its trading range on lower and below average volume. The market looked like it might have a decent day until late selling drove down prices. The market is skittish ahead of the CPI report tomorrow. There is not a lot of traction in either direction and this may continue for a while. The CPI report is out tomorrow before the open and the PPI report on Thursday. Earning season also gets going later this week as several important financial companies get the ball rolling. The rest of the week will be news driven and could go either way depending on how everything comes out. Jerry
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