The market had a moderate bounce yesterday after recent weakness. The major averages opened a bit higher and mostly moved up during the day. There was a little late selling but all the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .88% and .77% respectively. The SPX rallied .98%. Volume was higher across the board. Leading stocks were higher as well. The leaders index gained .55% on the day. The index closed high in its trading range on lower but above average volume. The market had a bounce yesterday after the selling earlier in the week. It was an ok bounce, but not that strong. The major averages remain below their respective 50dma’s and are starting to live below this important moving average. The market is pretty clearly in a correction. How far the correction will go can’t be known now, but all indications point to lower prices ahead. Jerry
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