There was something of a split market today, but with a positive bias. Continued strength in the big cap tech stocks caused the Nasd averages to again lead. The COMPQ and the NDX were higher by .55% and .82% respectively. The SPX was about flat with a gain of .03%. The small and mid-cap stocks sold off but the semiconductors continued into new high ground. The Nasd averages finished in the upper half of their intraday trading ranges while the New York averages closed in the lower half of theirs. Volume was mixed. It was higher by 7.02% on the Nasd and lower by .47% on the New York. Leading stocks had a solid day with the leaders index gaining 2.20% on the session. The index closed high in its trading range and is very close to new high ground. Volume was very low. The Nasd averages moved into new high ground again today due to strength in the big cap tech stocks. The higher volume on the Nasd averages move into new high ground is encouraging as it shows buying pressure in these names. The SOX also made a new high as semiconductor stocks were strong. We are in earnings season and the results of individual important companies will cause movements in the overall market. I have mentioned before the items I think point to an extended market and they haven’t changed. It does appear however that the ultimate top is not yet in. Jerry
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