The market put in an unimpressive performance today. The major averages opened lower and then bounced around before closing low in their intraday trading ranges with small losses. The COMPQ and the NDX fell .30% and .20% respectively. The SPX declined .16%. Volume was lower across the board. Leading stocks were a bit higher with the leaders index gaining .27% on the day. The index closed in the upper half of its trading range on lower but above average volume. The market didn’t act well today. After a big decline you want to see the quality of the bounce to help tell if the worst is over. Today we didn’t get any bounce. The major averages closed lower and low in their trading range. This is not encouraging action. Weaker than expected employment data didn’t help as the market seems to be more concerned with a slowing economy right now. The NASD averages moved further below their 50dma’s and the SPX is now dancing with this important support level. A break would be very negative. Right now the market looks like it wants to go lower. Jerry
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