The market got hit again today. After opening higher the major averages quickly found a top and sold off the rest of the day. All the major averages finished near their intraday trading lows. The losses were pretty evenly divided. The COMPQ and the NDX fell .70% and .48% respectively. The SPX lost .78%. Volume was mixed, higher on the NASD and lower on the New York. This produced a distribution day on the NASD averages. Leading stocks were hit again today with the leaders index falling .54% on the day. The index closed in the upper half of its trading range on lower and slightly below average volume. The weakness continued today, and really spread to the small and mid-cap stocks. The market has shown some real weakness in the last couple of days. The NASD averages couldn’t rally at all, and lost more ground, after the big decline yesterday. Even good earnings from TSM couldn’t spark a rally. It is too soon to saw the rally is in real trouble, but the last two days have been ugly. Trimming exposure a bit might be a good idea. Jerry
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