The market had another positive session today. After opening higher and rallying early there was some selling before those declines were recovered by the close. The Nasd averages again led the way with strength in tech stocks, especially big cap tech stocks. The COMPQ and the NDX gained .74% and .91% respectively. The SPX was higher by .47%. All the major averages finished at of very near their intraday trading highs, an encouraging sign. Volume was higher across the board, showing that large institutional players were buying stocks today. Leading stocks were higher as well with the leaders index gaining .45% on the day. The index lost some early gains and closed in the lower half of its trading range. This still represents new highs on both a closing and an intraday basis. Volume was higher and above average. The market continued its rally today and produced solid gains. GOOGL’s earnings report yesterday was not well received and the stock was lower in afterhours trading yesterday and early today. By the close the stock had recovered and was higher by almost one percent. When the market can shrug off bad news and rally it is a good sign. We are at something of a turning point right now. All the major averages are less than one percent below their respective 200dma’s. This is major resistance. We will soon see if the major averages can break above this resistance and continue the rally or if they are turned back and prove unable to overcome this important moving average. Jerry
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