The market opened higher today and spent the rest of the session bouncing around the unchanged level. It was a bit of a split market with the New York averages up slightly and the Nasd averages down a bit. The COMPQ and the NDX were lower by .08% each. The SPX gained .23%. The New York averages finished in the upper half of their intraday trading ranges while the Nasd averages closed in the lower half of theirs. Volume was mixed, according to Esignal. Nasd volume was down by 3.69% while New York volume was higher by .45%. Leading stocks were slightly higher with the leaders index gaining .05% on the day. The index bounced off its short term 9dma support level and closed in the upper half of its trading range. Volume was lower and below average. The market pretty much took a rest after yesterday’s advance. The INDU made new highs above 27000, mostly due to a couple of health care stocks, but this is not a really relevant average. The SPX again traded above 3000, but couldn’t hold it. Volume was little changed, which is probably good when prices consolidate. The major averages are working at overcoming all-time highs and large even numbers. The rally appears to be on track with both the major averages and the leaders index acting well. Jerry
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