The market continued its decline today. After opening higher the major averages spent the rest of the day working their way lower. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .73% and .78% respectively. The SPX lost .39%. Volume was higher across the board, showing distribution on all the major averages. Leading stocks were hit very hard. The leaders index fell 5.38% on the session. The index closed low in its trading range on higher and about average volume. The selloff continued to deepen after very negative action late last week. The market opened strong and closed weak, the pattern of a declining market. Leading(or formally leading) stocks were hit very hard and there is almost nothing that isn’t broken. In this news driven market a post can cause a big rally or selloff. The question now is how far this correction go and will it become a bear market. It is to soon to tell, but there is no reason to be playing around in this market right now. Jerry
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