The market put in a mixed performance today with growth stocks showing some weakness. In a reverse of yesterday’s action the New York averages showed some gains while the Nasd averages sold off. The SPX gained .10% while the COMPQ and the NDX declined .49% and .53% respectively. The New York averages finished in about the middle of their intraday trading ranges while the Nasd averages closed low in their trading ranges. Volume was also mixed. It declined 2.15% on the Nasd and grew 18.66% on the New York. The lower volume means the Nasd averages avoided a distribution day. Leading stocks were weaker today as growth stocks n general sold off. The leaders index fell 1.41% on the day and closed in the lower half of its trading range. Volume was lower and about average and the index held above its 9dma. The market was mixed again today with the New York averages making moderate gains and making new highs. The Nasd averages, which just made new highs, sold off a bit. The lower volume on the Nasd shows that there was not that much selling pressure in quality growth stocks. Leading stocks continue to generally act well and we have to watch the leaders index and its 9dma. As long as it remains above this short term moving average the trend in quality growth stocks will be positive. Today’s action didn’t change the overall picture and for the now the trend still remains up. Jerry
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