The market had another fairly quiet session, but it was positive overall. The major averages opened slightly higher and after some early weakness spent the rest of the session working their way higher. All the major averages finished with moderate gains and near the top of their intraday treading ranges. The New York averages led the way with the SPX gaining .52%. The COMPQ and the NDX gained .13% and .04% respectively. The small and mid-cap stocks were the strongest with the RUT and the MID rising .81% and .78% respectively. Volume was lower across the board. It fell 12.95% on the New York and 14.51% on the Nasd. Leading stocks did well today with the leaders index gaining .98% on the day. The index closed high in its trading range and above all its moving average support levels. Volume was lower and below average. The market acted well today. The Nasd averages saw some early weakness but recovered later in the session. The SPX worked its way higher the whole session. The positive action continued today as the major averages and leading stocks continued to make moderate gains. The SPX made a new high today and the other major averages are just below this level. The rally appears to be on track as the market continues to take modest steps higher. This is supportive and can last longer than if the market were making large one day gains. The employment report will come out before the open tomorrow and that will set the tune for trading, at least early on. There will be no update tomorrow. I hope everyone has a good Fourth of July weekend. Jerry
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