The market worked its way higher yesterday after a strong session Thursday. After a slightly higher open the major averages spent most of the session working their way higher. All the major averages finished high in their intraday trading ranges, a positive sign. The New York averages were the strongest with the SPX gaining .36%. The COMPQ and the NDX were higher by .10% and .11% respectively. The greatest strength was in the mid cap stocks with the MID higher by .77%. Volume was lower across the board. It fell 2.39% on the Nasd and 8.22% on the New York. This is not that unusual for a Friday. Leading stocks were moderately higher on the day also with the leaders index gaining .31% on the day. The index closed high in its trading range and continued to hold above its short term 9dma support level. Volume was higher but below average. The market continues to act well. The New York averages along with the mid-caps continue to make new highs. The Nasd averages are close behind. The market continues to work its way higher and is acting like it is on solid ground. There is some distribution under the surface, but it is not enough to get to concerned about right now. The market should continue to advance, at least in the short term. Jerry
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