The market had another rough session today. The major averages opened a bit lower and it was mostly downhill from there. All the major averages finished near their intraday trading lows. The COMPQ and the NDX fell 1.96% and 1.89% respectively. The SPX lost 1.39%. Volume was lower across the board, about the only good thing about today’s action. Leading stocks were lower as well. The leaders index fell 3.56% on the day. The index closed low in its trading range on lower but above average volume. Yesterday’s gains turned out to be another one day wonder. The market sold off and went to new lows, at least on a closing basis for the COMPQ. The market is showing extreme weakness right now. There has been a decline of over 13% in the NASD averages without any kind of a bounce. This is unusual. It seems that we are in the first leg of a bear market. We may not have seen the bottom of it yet, but there will be a bounce or countertrend rally at some point. Hopefully it will come soon. Jerry
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