The market posted mostly modest gains today. The major averages opened nearly unchanged and after some selling rallied later in the session. All the major averages finished high in their intraday trading ranges. The Nasd averages were mixed with the COMPQ higher by .28% and the NDX was off by .08%. The SPX was pretty much flat with a gain of .04%. The small and mid-cap stocks were strong along with the semiconductors. Volume was higher across the board. It gained 14.41% on the New York and 4.59% on the Nasd. Leading stocks continued higher with the leaders index gaining 1.52% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market continued to work its way higher today with moderate gains in the major averages. There was weakness in the big cap tech stocks as can be seen in the weaker performance of the NDX. The small and mid-cap stocks continue to outperform as the RUT and the MID made new highs. The SOX joined them in new high ground. We are continuing to see a rotation into smaller stocks as money is leaving the lagging big cap tech stocks. The action of leading stocks is the most positive thing we are seeing right now. As long as this continues the overall market is not likely to get into too much trouble. Jerry
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