The market sold off today and gave up most of Friday’s gains. The major averages opened lower and mostly worked their way down most of the day. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX declined 1.18% and 1.17% respectively. Volume was higher across the board, producing distribution on all the major averages. Leading stocks were lower as well with the leaders index falling .78%. The index closed in about the middle of its trading range on higher but below average volume. The market pulled back today and gave back most of Friday’s gains. The major averages continued in its recent consolidation while the leaders index broke above its consolidation on Friday and held above it today. The market seems to be waiting for some catalyst to get it moving in one direction or the other. I suspect the ultimate resolution will be to the upside. But we will have to wait and see how it plays out. Jerry
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