The market continued its recent consolidation, now maybe pullback. The major averages opened a bit higher, but selling came in and lasted into the close. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .64% and .66% respectively. The SPX lost .60%. Volume was lower across the board. Leading stocks were lower as well and took a bigger hit. The leaders index fell 2.31% on the day. The index closed low in its trading range on higher but below average volume. The market pretty much continued its consolidation after last week’s gains. The declines were greater today, maybe caused by Powell’s comments, but they still were not that serious. The major averages held above support, and the lower volume showed that large institutional players were not heavy sellers. So far the recent action has been constructive overall and these kind of short term pullbacks in intermediate rallies are common, but they are not as much fun as the rally parts. Jerry
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