The market had another mixed session today. The weakness in growth stocks continued as the Nasd averages continued declining while the New York averages moved higher. The major averages opened higher and worked their way lower until some late buying came in. The New York averages finished near the top of their intraday trading ranges and made new highs with the SPX higher by .25%. The Nasd averages finished in the lower half of their trading ranges with the COMPQ and the NDX losing .16% and .17% respectively. The greatest strength was in the small and mid-cap stocks as the RUT and the MID were higher by .49% and .83%. Volume was lower across the board. It was little changes on the Nasd as it declined only .30%, according to signal. The volume on the New York was lower by 13.90%. Leading stocks were generally lower today with the leaders index declining 2.89% on the day. The index closed in about the middle of its trading range on higher and above average volume. Much of the decline was due to the two vaccine components of the index that sold off hard today on heavy volume as there were signs that new cases were moderating in some places. The index closed below its 9dma but held its 17dma. If it breaks the 17dma it would be a very negative sign. The weakness in growth stocks continued today as money moved into stuff stocks. We will have to see how long this continues as it is not generally good for our type of investing if growth stocks are not acting well. The overall picture was not really changed by today’s action and the trend still looks like it is higher, in at least the short term. Jerry
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