The market put in a solid session yesterday. The major averages opened higher and the New York averages rallied pretty consistently throughout the day. The Nasd averages bounced around but late buying came in and all the major averages finished strong and at their intraday trading highs. The Nasd averages were the strongest with the COMPQ and NDX gaining 1.76% and 1.82% respectively. The SPX was higher by 1.18%. There was also strength in the small and mid-cap stocks, but the greatest run was in the semiconductors. The SOX rallied 3.69%. Volume was slightly lower than Wednesday. It fell 2.74% on the Nasd and only .52% on the New York. These are very small changes and different data feeds could produce different numbers. Leading stocks also acted well with the leaders index higher by 1.60% on the session. The index closed in about the middle of its trading range and cleared its short term 9dma. The index remains below its 17dma. Volume continued to decline and was below average for the first time in a week. The market is acting a lot better since the follow throughs in the SPX and the COMPQ. The Nasd averages cleared their 50dma’s yesterday along with breaking the downtrend lines that had been controlling the charts. The RUT also broke above its 50dma and the SOX is approaching its old highs. It looks like the market may be starting to rotate back to growth and tech related stocks from the value and cyclical stocks that have been leading recently. The picture is considerably brighter now than it was and it looks like the trend is higher. Jerry
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