The market was fairly volatile today with some ups and downs. The major averages closed with modest gains. The Nasd averages led with the COMPQ gaining .39% and the SPX higher by .06%. The greatest strength was in the semiconductors as the SOX rallied 1.40%. All the major averages closed near their intraday trading highs with the Nasd averages and the SOX made new highs. Leading stocks were mixed to generally slightly higher. The leaders index showed a loss of .42% today and closed in the upper half of its trading range. Volume was higher than yesterday and about average. The reason for the decline in the index was large losses in two components of the index. ICHR fell 4.86% while NTRI lost 7.47%, both on massive volume. The index actually held up pretty well considering the action in these two stocks. The action of the market today was encouraging. It is building on the gains that began this week. The Nasd averages are acting very well as they move into new high ground. They should continue this action tomorrow as good earnings reports from some large cap tech stocks indicate a higher open tomorrow. The market is acting like it wants to go higher and the long side is the place to be. Jerry
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