The market made a tepid attempt to bounce back from yesterday’s drubbing. The major averages opened a little lower and bounced around unchanged most of the day. Late buying came in and all the major averages finished in positive territory in the upper half of their intraday trading ranges. The Nasd averages were a little stronger with the COMPQ and the NDX gaining .74% and .84% respectively. The SPX was higher by .34%. Volume was lower across the board. It fell 6.56% on the Nasd and .87% on the New York. Leading stocks did a little better than the overall market with the leaders index gaining 1.08% and closed in about the middle of its trading range. Volume was lower and below average. The market couldn’t put together much of a rebound from yesterday’s big decline. The major averages bounced around both sides of unchanged in a quiet session. Late buying prevented them from closing in negative territory. This is not much of a bounce after a big decline. The PPI came in about as expected so it didn’t have much influence. It is hard to figure out what the market is going to do in the very short term, but overall we are likely to see lower prices before any real advance. Jerry
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