The market bounced around most of the day before finishing with some strength. The major averages all closed near their intraday trading highs in a sign of support. The Nasd averages were the strongest on gains in tech stocks. The COMPQ and the NDX rallied .68% and .66% respectively. The SPX was up by .14%. The real strength today was in the semiconductor stocks as good earnings reports produced a 5.73% gain in the SOX. Some of this might be reversed tomorrow as INTC’s earnings report was not well received. Volume was higher across the board. Leading stocks had a good day as well with the leaders index gaining 1.46% and closing high in its trading range. Volume was higher and above average. The market put in an overall positive session today. The strength in tech stocks generated a good rally in the Nasd averages. The SPX showed small gains but finished strong. The market continues to consolidate recent gains in a pretty constructive manner. The major point to watch now is the major averages holding support at their respective 50dma’s and the leaders index holding its short term 9dma support. A break of these levels would significantly darken the picture. For now the rally is still on solid ground. Jerry
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