The market put in a quiet pre-holiday session today. The major averages traded in a tight range and finished little changed. The Nasd averages held up better with the COMPQ higher by .07% while the SPX declined only .08%. They all closed in about the middle of their intraday trading ranges. Volume was much lower across the board and well below average, as you would expect on the day before a major holiday. Leading stocks were lower as well, but the losses were mild compared to recent gains. The leaders index was lower by .72% on lower but still above average volume. The index closed high in its trading range, a good sign and better action than the overall market. The action today was positive. The major averages held on to the large gains they made yesterday on low volume. This is just what you want to see. Leading stocks are acting well too as the leaders index closed in the upper half of its trading range. Nothing that has happened points to a problem short term and I still think we will see higher prices into year end. There will be no update on Friday as it will likely be just a quiet half session. I hope everyone has a happy Thanksgiving weekend. Jerry
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