The market took a break today after its recent advance, and did so in a fairly constructive manner. The major averages opened strong but traded a little differently after that. The New York averages mostly held the gains until some late selling came in. The Nasd averages peaked earlier and sold off to close in negative territory. The Nasd average finished near the bottom of their intraday trading ranges with the COMPQ and the NDX off by .05% and .14% respectively. The New York averages closed in the lower half of their trading ranges with the SPX off by .10%. Volume was mixed. It was lower by 10.02% on the Nasd and higher by 1.58% on the New York. Leading stocks did better than the overall market with the leaders index gaining 1.09% on the day. The index closed high in its trading range on higher and above average volume. The market held on to gains of the last few days in a constructive pattern. The major averages gave up a little ground but held on pretty well. The declines were very small and while the volume on the New York was a little higher it was well lower on the Nasd. This shows that there was not a lot of selling by large institutional players, a good sign. The chart of the leaders index is acting better as it approaches its old high and it got a lot of support at its 50dma, both on a price and a relative strength basis. The overall action of the market was ok today and it looks like the market will try to work its way higher. Jerry
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