Leaders Index 6-27

The market rallied today with the major averages up about 1% and closed in the upper half of the trading range. Volume was very light and well below average. The leaders outperformed the major averages with the index rising 1.81%. Volume was the lightest in over two weeks. The market continues a rally attempt, but there is no real conviction. We are not getting strong volume on the advances and today's action may have had something to do with quarter end window dressing by institutions. We remain in a whip saw type of trendless market that only very short term traders can profit in and I see little to get excited in recent market action. Jerry