The market took a break today after a few days of rallying. The market traded little changed with a slightly positive bias. A little late selling saw the major averages close little changed. The COMPQ and the NDX were mixed, up by .02% on the COMPQ and down by .01% on the NDX. The SPX fell .12%. All the major averages closed near their intraday trading lows. Volume increased across the board. It was up by 8.78% on the New York and 7.17% on the Nasd. Leading stocks were a little stronger than the overall market. The leaders index gained .34%. It closed in about the middle of its trading range, but below its short term 9dma and 17dma. Volume was higher and above average. The market acted pretty well today. After solid gains for several days the market held on to those gains. It would have been better if volume was lower as the market consolidated recent gains, but this is a small negative. The fact that the market did not give back any of those gains indicated that there is support under the market. We could consolidate a little longer, but the trend still appears to be up. Jerry
Reply With Quote