The market put in another solid performance yesterday, although for the first time in over a week the major averages didn’t finish at their highs. The major averages opened stronger but sold off a bit and closed in about the middle of their intraday trading ranges. The COMPQ and the NDX gained .20% and .08% respectively. The SPX rallied .37%. The greatest strength was in the small and mid-cap stocks with the RUT and the MID higher by 1.44% and .87%. Volume was higher across the board. It gained 7.47% on the New York and 6.52% on the Nasd. Leading stocks continued to do well with the leaders index gaining 1.10% on the day. The index closed in about the middle of its trading range on lower and about average volume. This was enough for a new high on both a closing and an intraday basis. The relative strength line of the leaders index is also in new high ground. The market acted well again yesterday, although there was no late buying that allowed to close at the intraday highs as it has for the last six sessions. All the major and secondary averages made new highs on higher volume. This is positive action. The market continued to act well and the rally is on track. Very strong earnings along with a seasonally positive time continue to move the market higher. The distribution count is almost nonexistent, which is encouraging almost a month into a rally. Overall everything looks good and we should see higher prices ahead. Jerry
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