The market put in a mixed session today, but it was generally quiet. The Nasd averages were higher on the day with the COMPQ and the NDX gaining .45% and .54% respectively. The New York averages were lower with the SPX declining .19%. The major averages finished high in their intraday trading ranges and volume fell across the board. It declined 7.11% on the New York and 6.97% on the Nasd. This is positive as you want to see lower volume as the market consolidates gains. Leading stocks were higher on the day with the leaders index gaining 2.40% on the session. The index closed high in its trading range on lower volume. The index remains below its important 17dma. The market took a rest today with a mixed close. There was some strength in tech as semiconductor stocks with the Nasd averages and the SOX making new highs today. The market continued to act well and continues to work its way higher. Many indicators are stretched but that doesn’t mean they can’t go higher. We are in a seasonally positive period and I would not be surprised to see the market continue higher until the end of the year. After that we could see some weakness. Jerry
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