The market continued to work its way moderately higher today. The major averages opened higher and mostly held the gains in the case of the New York averages and moderately worked their way higher on the Nasd averages. The Nasd averages were the strongest with the COMPQ and the NDX higher by .52% and .29% respectively. The SPX was higher by .15% and closed in about the middle of its intraday trading ranges. The Nasd averages finished in the upper half of its trading range. Volume was mixed. It was lower by 1.76% on the Nasd and higher by 2.88% on the New York. Leading stocks were higher as well with the leaders index gaining .44% on the day. The index closed in about the middle of its trading range on lighter and below average volume. The index finished just below its 17dma resistance level. The market moderately built on yesterday’s gains. The major averages made new highs again today, although volume was moderate and ended mixed. The small and mid-cap stocks were the strongest performers today with the RUT gaining 1.02% and the MID higher by 1.01%. The market internals are looking better in recent days. It would be encouraging to see the leaders index clear its 17dma and move back to recent highs, but the overall picture still points to higher prices ahead. Jerry
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