The market had another disappointing session today. The major averages opened lower and bounced around most of the day. Late weakness saw all the major averages finish low in their intraday trading ranges. The COMPQ and the NDX fell.52% and .56% respectively. The SPX declined .33%. Volume was mixed, lower on the NASD and higher on the New York. Leading stocks were lower on the day. The leaders index fell 3.78% on the day. The index closed low in its trading range on higher and above average volume. The market didn’t manage to snap back at all after yesterday’s heavy selling. This is not encouraging. The major averages closed weak again. The three day rally that started last Friday is pretty much gone. All the major averages remain below their respective 200DMAs. The market is not looking good right now and staying out is the right move. Jerry
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