The market put in a solid rally session today. The major averages opened lower, but put in a bottom in the first fifteen minutes of trading and rallied pretty much the rest of the day. All the major averages finished at or very near their intraday trading highs, a sign of support. The Nasd averages led the way with the COMPQ and the NDX gaining 1.11% and 1.22% respectively. The SPX was higher by .65%. Volume was lower across the board, as you would expect after an expiration day. It was lower by 8.23% on the Nasd and 23.74% on the New York. Leading stocks were again strong and outperformed the overall market. The leaders index gained 1.73% on the day. This is a new high on both a closing and an intraday basis. The relative strength line of the index also made a new high. Volume was lower and slightly below average. The market continued to rally nicely today. The Nasd averages made new closing highs, although not new intraday highs. Volume was lower. You would like to see higher volume, but it is always lower after an expiration day. Leading stocks continue to outperform the overall market, and this is one of the most positive items right now. The market usually doesn’t get into real trouble when quality growth stocks are acting well. It would be good to see the New York averages join the Nasd averages in new high ground, but it looks like the market wants to go higher. Jerry
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