The market had another good session today. After trading little changed in anticipation of the Fed announcement the market considered it good news and started rallying. The buying continued into the close and all the major averages finished near their intraday trading highs. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.04% and 1.08% respectively. The SPX rallied .65%. The greatest strength was again in the small and mid-cap stocks. Volume was higher across the board. It was close on the New York with an gain of .07%, but the rise was bigger on the Nasd, 3.82%. Leading stocks pretty much took a rest today with the leaders index falling only .12% on the session. The index closed in about the middle of its trading range on lower and below average volume. Pretty solid action after its recent advance. The rally continued to run today. After cautious trading ahead of the Fed announcement the market liked what it heard and rallied into the close. The gains were solid and tech stocks did well. Quality growth stocks mostly rested today, but that is ok after their recent rally. The leaders index traded lower volume. The Fed announced its tapering schedule and the news was clearly already factored in and stocks advanced. This is encouraging. The major averages have now had five days in a row of strong action with closes at or very near the highs. It would not be surprising to see the market take a break here, but the outlook remains positive. Jerry
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