The market was higher again today. The major averages opened strong and after some selling generally worked their way higher. The Nasd averages led the way with the COMPQ and the NDX gaining .87% and .75% respectively. The SPX rallied .41%. All the major averages closed in the upper half of their intraday trading ranges, although some late selling saw them finish off their highs. Volume was higher across the board. Leading stocks were higher as well with the leaders index gaining .11% and closing in about the middle of its trading range. Volume was lower and a little below average. The market continued to work its way higher as all the major and secondary averages advance. It is looking more and more likely that the weekly Coppock will signal and confirm the follow through of last Friday. This makes it a pretty well confirmed follow through if it happens. The main item to watch right now continues to be the 50dma’s of the major averages. If this rally is to continue they must break above this resistance level. The Nasd averages are about 1% below this important moving average while the SPX is 2% below it. We will soon see if they can overcome it. Jerry
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