There was no update yesterday due to a data problem at HGSI. The market put in a positive session today. The major averages sold off at the open but quickly found a bottom and rallied pretty much into the close. 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 1.06% and 1.40% respectively. The SPX was higher by .32%. Volume was mixed. It was lower by 9.19% on the New York and higher by 20.73% on the Nasd. Leading stocks were higher as well with the leaders index gaining .61% on the session. The index closed in the upper half of its trading range on slightly lower but well above average volume. The market is a little mixed right now. The Nasd averages are acting very well as both the COMPQ and the NDX made new highs today on both a closing and an intraday basis. They closed strong on a big increase in volume, very positive action. The SPX is stalling a bit at its old all time highs. This is not unusual as stocks and major averages often consolidate at old highs before making a push through resistance. The leaders index is also struggling to regain its old highs. Both of these averages should be watched closely to see if they are able to make new highs. Right now the overall picture remains positive. Jerry
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