The market built on yesterday’s positive action today. The major averages bided their time until the Fed announcement and then rallied into the close. The Nasd averages were a little stronger with the COMPQ and the NDX both higher by .42%. The SPX rallied .30%. All the major averages closed at or very near the top of their intraday trading ranges, a sign of support. Volume was lower across the board, according to signal. It was off by 11.51% on the Nasd and 6.24% on the New York. Leading stocks were generally flat to a little higher. The leaders index was lower by only .08% and closed in about the middle of its trading range. Volume was lower and slightly below average. The market was expecting a dovish announcement from the Fed and that is just what it got. There were solid gains today and the market looks like it wants to go higher. Quality growth stocks are acting well with the leaders index at new highs. The index is rising above its short term 9dma and the relative strength line is acting well. There are a solid number of attractive looking stocks that can be bought, which is ultimately the most important item. The major averages are within 1 or 2 percent of their highs. The next move is for them to break into new high ground, hopefully on strong volume. If they can do this the market can make some meaningful gains. Jerry
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