The market put in an overall positive session today. The major averages showed a little early weakness then went on to rally for most of the remainder of the session. All the major averages finished at or near the top of their intraday trading ranges, a sign of support. The Nasd averages were the leaders today with the COMPQ and the NDX gaining .76% and .82% respectively. The SPX was higher by .36%. All the major averages made new highs on both a closing and an intraday basis. Volume was lower across the board. It fell by 11.59% on the Nasd and 2.48% on the New York. Leading stocks were higher as well with the leaders index gaining . 65% on the session. The index closed high in its trading range and volume was higher but still below average. The action of the market today was encouraging overall. The major averages all made new highs in a continuation of the rally. Volume was lower, but it can’t be higher every day. The leading stocks continue to lag as the chart of the leaders index continued to consolidate just below its recent highs. The chart of the FFTY has a similar look. The large cap tech stocks and semiconductors seem to have regained their leadership. This is encouraging. It would be very good to see leading stocks start to rally harder and overcome their recent highs, but the weight of the evidence still points to higher prices ahead, at least in the short term. Jerry
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