The market tried to rally early today but didn’t get far. The major averages opened higher, but selling came in and all the major averages finished low in their intraday trading ranges. The NASD averages were a bit higher with the COMPQ and the NDX gaining .25% and .05% respectively. The SPX fell .30%. Volume was mixed, higher on the New York and lower on the NASD. This was a distribution day on the SPX. Leading stocks were moderately lower on the day with the leaders index falling .38% on the day. Volume was lower and well below average. The market had another overall disappointing performance today. There was early strength, particularly in the NASD averages, but it was mostly gone by the close. Another strong open and weak close is not encouraging. The SPX closed fractionally below its 50dma, another worrisome development. Weakness in the economy is now being taken as a negative and not the positive it used to be. The employment report comes out tomorrow before the open. That will set the tone for trading tomorrow. Jerry
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