The market put in some overall solid action today. The major averages had worthwhile gains, with the Nasd averages leading the way. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX were higher by .79% and .94% respectively. The SPX gained .51%. Volume was lower across the board. It fell 2.44% on the New York and 11.36% on the Nasd. You would have preferred to see higher volume along with rising prices. Leading stocks were higher as well with the leaders index gaining .90% on the day. The index closed high in its trading range and tagged its 17dma, but finished below it. Volume was slightly lower and about average. The market did pretty well today overall. The COMPQ and the NDX both made new highs today and have overcome potential problems in their charts. It would have shown more conviction if volume were higher, but you can’t have everything. The leaders index is right below its 17dma now resistance level and it would be encouraging if the index could break above this moving average, particularly on volume. The relative strength line of the leaders index is also improving. The rotation back to growth stocks seems to be continuing and that is good for our type of investing. The market seems to want to go higher right now so there should be some higher prices in at least the short term. Jerry
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