It was an overall quiet session for the market yesterday. After opening higher the major averages peaked out and spent most of the session working their way lower. When all was said and done there were only small changes in the major averages. The Nasd averages were a little stronger with the COMPQ higher by .05% and the NDX lower by .03%. The SPX was flat with a change of 0.00%. The New Yok averages closed low in their intraday trading ranges while the Nasd averages closed in the upper half of their trading ranges. Volume was higher across the board. Not what you want to see when the major averages are essentially going nowhere. Leading stocks did better than the overall market with the leaders index higher by .51%. The index closed in the upper half of its trading range, which shows support for quality growth stocks. Volume was lower, not what you want to see as prices moved higher. Overall it would have to be concluded that the session yesterday was somewhat positive. Leading stocks generally showed decent action while the major averages went nowhere. This can be seen in the increase of the relative strength line of the leaders index. The index also closed above its important 17dma now support level. It would have been more encouraging to see more volume on this move. The bottom line right now is that there are attractive stocks out there that are producing worthwhile gains. On that basis alone one should have positions in the current market environment. Jerry
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