The market was mixed today, with the major averages pulling back moderately after recent gains. The major averages opened lower and traded in slightly negative territory all day. The New York averages outperformed and all closed high in their intraday trading ranges. The NASD averages finished in the lower half of their trading ranges. Volume was higher across the board. Leading stocks sold off on the session. The leaders index fell 2.54% on the day. The index closed low in its trading range on higher and above average volume. The major averages took a break today and declined modestly. This is not unexpected given their recent advances, but the market internals were pretty solid. There were more advancing than declining volume and issues on both exchanges. The higher volume wasn’t good and it produced a distribution day on the NASD averages. Leading stocks were hit today, but they have been strong recently and today’s negative action isn’t nearly enough to change that, yet. The market has come a long way in a pretty short period of time and a rest or even a pullback would not be unexpected, and might be healthy. The major averages took a break today, but the small and mid-cap stocks were strong. In addition the strong market internals on the day were encouraging. Today’s action is likely a pause in an ongoing advance. Jerry
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