The market put in a pretty quiet session today after yesterday’s positive action. The major averages opened a little lower but stayed near unchanged most of the day. The New York averages were a touch higher while the Nasd averages were a bit lower. The COMPQ and the NDX were lower by .15% and .13%. The SPX was higher by .09%. The New York averages finished in about the middle of their intraday trading ranges while the Nasd averages closed low in their trading ranges. Volume was lower across the board, declining 18.11% on the New York and 11.14% on the Nasd. Leading stocks were mixed to a bit lower as well with the leaders index falling .52% on the day. The index closed in the lower half of its trading range. Volume was lower but still above average. The leaders index continues in its recent consolidation. The market consolidated recent gains in an overall constructive manor today. The losses were small on the Nasd and there were small gains in the New York averages. The market held above the 50dma’s of the major averages and volume declined. This shows that there was not much selling pressure today from large institutional players. The employment report came in a littler weaker than expected, but the market held up well. The evidence right now seems to favor an attack on the old highs rather than a break back below the 50dma’s of the major averages. Jerry
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