The market showed something of a divergence today. The strength was in the Nasd averages while the New York averages lagged. The COMPQ and the NDX were higher by .38% and .37% respectively. The SPX was flat with a decline of only .04%. The Nasd averages closed right at their intraday trading highs while the New York averages finished lower in their trading ranges. Volume was lower across the board. Leading stocks did better than the overall market with the leaders index gaining .73% and closing in about the middle of its trading range. This is a new high on both a closing and an intraday basis. Volume was lower while the relative strength line made a new high. After three days of advances on lower volume it would be good to see higher volume in the leaders index. The market continued to work its way higher. The Nasd averages were the strongest and showed good action. The New York averages were quiet. The fact that quality growth stocks are leading the market higher is a good sign, but I would like to see higher volume in the leaders index. There has been good accumulation in the last few days and that is supportive. I would expect the market to continue to work its way higher, but without a lot of punch. Jerry
Reply With Quote