The market had a mildly negative session today and closed with small losses. The major averages opened a bit lower and bounced around in mostly negative territory before closing in about the middle of their intraday trading ranges. The COMPQ and the NDX lost .04% and .05% respectively. The SPX declined .17%. Volume was lower across the board. Leading stocks were little changed also but with a positive bias. The leaders index gained .13% on the day and closed in about the middle of its trading range. Volume was higher but below average. The market was quiet today and continued its recent sideways action. The day’s trading saw little change in either direction on lighter volume. Market internals were weaker than the major averages but not too bad. Both the overall market and the leaders index are in a consolidation, but so far it looks ok. The fact that the market is holding up so well with everything going on in the world is encouraging. Right now we are waiting for something to break the market out of its current consolidation in either direction. The employment report comes out tomorrow before the open. That will set the tone for trading tomorrow, at least early. Jerry
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