Yesterday there was some indication of distribution in the NASDAQ composite. The index gapped open to near its high of the day, and only managed to close at 36.2% of its daily range. It did fight back from the day’s low which was slightly below Wednesday’s low, and volume was relatively heavy with over 2 billion shares traded. The small-cap indexes held up pretty well with the S&P 600 managing to gain .2% for the day.

It seemed like a very quiet day, but with over 2 billion shares traded in the NASDAQ composite there was a fair amount of activity going on. Semiconductor stocks were some of the strongest stocks, but the biotechnology stocks suffered from profit-taking once again. All I seem to be on the nonfarm payroll report which is coming out this morning at 7:30 AM Central time. Once again, expect violent movement in the futures when the report is released. Read Full Report