The market rallied nicely today. After a mixed open the major averages rallied for most of the remainder of the session. All the major averages finished near their intraday trading highs. The Nasd averages led the way with the COMPQ and the NDX gaining .76% and .75% respectively. The SPX rallied .39%. Volume was higher across the board, a good sign. It increased 8.86% on the New York and 10.35% on the Nasd. Leading stocks underperformed today with the leaders index gaining .18%, although some ETF’s of leading stocks did better today. The index closed in the upper half of its trading range on slightly lower volume. It is still struggling to get above its short term moving averages. The market acted well today. After a mixed open the major averages rallied most of the day and closed near their highs. Volume was higher on both exchanges and this is what you want to see as prices rise. It shows that large institutional players were buying stocks today. The market continues to try to recover from its recent weakness. The major averages are getting fairly close to their old highs. The next real test is if they and leading stocks can break into new high ground, hopefully on strong volume. Right now the rally looks ok, but a move to new highs would really be encouraging. Jerry
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