The market put in a fairly quiet session today, but the overall tone was positive. There was a bit of a divergence as the Nasd averages again outperformed. The New York averages opened higher and mostly worked their way lower, closing in the lower half of their intraday trading ranges. The Nasd averages opened higher and mostly worked their way up. All the Nasd averages finished near the top of their trading ranges. The COMPQ and the NDX rose .19% and .33% respectively. The SPX was higher by .03%. Volume was also mixed. It fell 10.21% on the New York and rose 14.81% on the Nasd. The higher volume as the Nasd averages advanced is a good sign. Leading stocks had moderate gains as well with the leaders index higher by .45% on the day. The index closed high in its trading range and volume was higher and about average. The market was pretty quiet today, There were small gains, but the Nasd averages and the SPX all made new highs. The higher volume on the Nasd as the averages made new highs was encouraging. The outperformance of growth and tech stocks continued today. The market continues to work its way higher and while there doesn’t seem to be a lot of power in this move higher, there are attractive opportunities out there. The market looks like it will go higher and participation is warranted, but it is likely not the time to get to aggressive. Jerry
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