The market had an ugly session today, particularly the NASD. The major averages opened a little higher but selling soon came in and lasted most of the day. All the major averages finished near the bottom of their intraday trading ranges. The NASD got hit the hardest with the COMPQ and the NDX fell 1.89% and 1.79% respectively. The SPX lost 1.11%. Volume was mixed, it fell on the New York but was massively higher on the NASD. Leading stocks lost ground as well with the leaders index falling 2.43% on the day. The index closed low in its trading range on lower and below average volume. The market looked for a couple of days like it might right itself after a poor yearend. That got a little shakier after yesterday’s late selling, and took a real hit today. The major averages sold off hard, with the NASD averages the worst. Leading stocks lost ground as well. The charts of the major averages and the leaders index look pretty sickly. The distribution count has gotten high and is at worrisome levels. The major averages still are not far from their highs, so this thing could start up again, but protecting capital is the order of the day right now. Jerry
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