The market put in a solidly positive session today. After opening lower the major averages bottomed right away and started rallying. They worked their way higher for the rest of the day and all the major averages finished close to their intraday trading highs, a sign of support. The Nasd averages again were the strongest with the COMPQ and the NDX climbing .61% and .81% respectively. The SPX was higher by .37%. Volume was higher across the board , which is what you want to see when prices rally. Leading stocks were higher on the day with the leaders index gaining .44% and closing near its highs of the session. The index regained its short term 9dma and is not far from new high ground. Volume was lower than yesterday but still well above average. Today’s action was encouraging. It was a solid rally day, but not a particularly strong one. The major averages all closed strong and on higher volume, which is positive action. Quality growth stocks were higher, but again the action was solid but not really strong. Also the major averages opened weak today and then rallied and finished strong, which is good. From here we want to see both the major averages and the leaders index move into new high ground on higher and above average volume. That would indicate that the market is headed higher. Jerry
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