The market had a mildly positive session today. The major averages opened higher and put in its highs in the first half hour. It was mostly lower after that before some late buying came in. All the major averages finished in the upper half of their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gained .38% and .58% respectively. The SPX was higher by .17%. The greatest strength was in the semiconductor stocks with the SOX higher by 3.45%. Volume was mixed. It was lower by 8.77% on the New York and higher by 2.78% on the Nasd. Leading stocks were slightly higher but underperformed. The leaders index was pretty much flat with a gain of .08%. The index closed high in its trading range on much lower and well below average volume. The action today was somewhat positive as the major averages made new closing but not intraday highs. The overall picture remains encouraging and we likely have not seen the absolute high yet. There will be no update tomorrow. I hope everyone has a good long President’s day weekend. Jerry
Reply With Quote