The market pulled back moderately today after recent gains and ahead of coming news. The major averages opened higher but set the days highs early. They then spent the rest of the day selling off and closed low in their intraday trading ranges. The COMPQ and the NDX fell .38% and .21% respectively. The SPX declined .30%. Volume was mixed, up on the New York and down on the NASD. This produced a distribution day on the New York averages. Leading stocks were lower as well. The leaders index fell 1.66% on the day and closed low in its trading range. The index held its short term 9dma on lower and below average volume. The market sold off mildly today ahead of a slew of earnings reports and economic news tomorrow. The declines were pretty mild, but the small reversal is not usually a good sign. The market has done pretty well lately and a consolidation would not be unexpected. At this point it is mostly dependent on the important earnings reports coming out over the next couple of days. Everyone believes the Fed will leave rates unchanged, so the earnings reports are the really important items in the next two days. Jerry
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