The market put in a generally positive session today. The major averages opened higher again today, but mostly held the gains. All the major averages closed in the upper half of their intraday trading ranges, usually a positive sign. The Nasd averages were a little stronger with the COMPQ and the NDX higher by .73% and .39% respectively. The SPX rallied .38%. The greatest strength was in the small caps and the semiconductors. The RUT and the SOX gained 1.90% and 1.47%. The SOX also broke above its 50dma. Volume was lower across the board. Leading stocks were higher as well with the leaders index rallying 1.78% on the day. The index closed high in its trading range and right on its 17dma. Volume was lower and well below average. The market tried to rebound again today and did better than it has in the last few days. All the major averages held most of their early gains, a good sign. Leading stocks bounced back as well, but the gains were lower than the recent declines. Volume was lower across the board, not what you want to see when prices are trying to rally. Today’s action was pretty quiet probably due to the G20 meeting this weekend. Tomorrow will likely be quiet as well. The outcome of the meeting and its effects on the trade situation will determine the direction of the market next week. Jerry
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