The market put in an overall positive performance today with the leadership that has been there from the beginning of the rally coming to the fore again. The major averages opened higher and worked their was up for most of the day. All the major averages closed very near their intraday trading highs, a positive development. The Nasd averages took the lead again today as tech stocks and semiconductors were strong. The COMPQ and the NDX rallied 2.13% and 2.59% respectively. The SPX gained a strong 1.40%. The greatest strength was in the semiconductor stocks with the SOX higher by 3.36% and making a new high. Volume was lower across the board. It declined 14.55% on the Nasd and 23.65% on the New York. Leading stocks rallied as well, but they could have done better. The leaders index was higher by 1.91% on the day. It closed in about the middle of its trading range but was unable to regain its important 17dma. Volume was lower and well below average. The action of the market today was encouraging after the weaker action of the last few days. The tech and leading growth stocks that have led the rally since the beginning seemed to take charge again today. That is good and hopefully it will continue. The SPX is just a few points from making a new high and one more positive session would do it. The Nasd averages were strong today and it would be very positive if it could break above its recent all time high set on 8/6. The leaders index is in the same situation as the Nasd averages. It must regain its recent all time high of 8/5. The only real negative today was volume. It was lower across the board and you want to see the market rally on higher volume. Hopefully we will see volume come in as the major averages and the leaders index challenge their all-time highs. Right now it looks like the odds favor a successful challenge. Jerry
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