The market put in another encouraging session today. The major averages opened lower but quickly found a bottom and worked their way higher from there. Late strength saw all the major averages finish near their intraday trading highs. The Nasd averages led the way as growth stocks were strong today. The COMPQ and the NDX rallied .62% and .66% respectively. The SPX gained .30%. Volume was higher across the board. It rose 17.76% on the Nasd and 9.08% on the New York. Leading stocks were mixed on the day. The leaders index was lower by .59% on the day as a few components of the index sold off. Other ETF’s of growth stocks were higher. The index closed in about the middle of its trading range on higher and above average volume. The action today was overall encouraging. The major averages opened lower but rallied into the close. A weak open and a strong close is a sign of a market trying to go higher. The SPX made a new high today. The higher volume showed that large institutional players were buying stocks today. The rally that started with the follow through last week is acting well and being long is the proper position to take. Jerry
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