The market put in a mildly positive session today, although there was some weakness in small and mid-cap stocks. The major averages opened higher and were in positive territory all day. Late selling saw the major averages lose much of their gains, but still finish slightly positive. The COMPQ closed with a gain of .09% while the SPX was higher by .13%. The weakest action today was in the semiconductor stocks with the SOX falling .97%. All the major averages finished the session in the lower half of their intraday trading ranges, showing some mild selling. Volume on the New York was really close to yesterday, so different data feeds could have different results. Volume on the Nasd was higher than yesterday, according to Esignal, although IBD said it was lower. If volume was indeed higher and the major averages closed low in their trading ranges, that was stalling type action. Leading stocks were mixed to somewhat positive with the leaders index higher by .50%. The index closed a bit above the midpoint of its trading range and tagged the short term 9dma support level. Volume was lower than yesterday and slightly below average. The action today was ok in the context of the advance that began in the new year. It is to be expected that the market would take a bit of a rest after rallying. The leaders index looks like it is consolidating in the last three days and allowing its moving averages to catch up. The picture looks fine right now and the trend continues to be up. Jerry
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