The market pulled back today. After a generally good earnings report from GOOGL the market couldn’t build on it. The major averages opened a bit lower then rallied to small gains. Selling came in and lasted the rest of the day. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .56% and .79% respectively. The SPX lost .33%. Volume was lower across the board so there was no distribution. Leading stocks declined as well with the leaders index falling .38% on the day. The index closed in about the middle of its trading range on higher but still very light volume. The market didn’t get any bounce from slightly better than expected numbers from GOOGL. Volume was lower so there was no new distribution on any of the major averages, which is good. The market still seems to be having a problem getting a real head of steam going on the upside. All the news coming could easily make people hesitant to commit new capital. MSFT and META reported after the close and both are trading down slightly. Their reports were ok but clearly the market was not excited. Futures are trading slightly lower as of this writing. The charts of the major averages and the leaders index still look fine, but there are some short term indicators are pointing down. The market still looks good and the rally remains on solid ground, but it seems to need a kick to get going. AMZN and AAPL are on deck tomorrow. Jerry
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