Markets were under pressure today as expected

As we had reiterated Thursday on these pages, we were still looking for the stock market to meet resistance at these levels and to fall back into the trading range. The markets were weak overnight in conjunction with the foreign markets, and opened sharply lower. Selling continued throughout the day with a short covering rally in the final 45 minutes of the day. We feel that todays selling pressure will continue, and we look for still lower prices.