The market continued its rebound today. The major averages opened little changed and spent most of the remainder of the session working their way higher. All the major averages closed high in their intraday trading ranges and all are now above their respective 50dma’s. The COMPQ and the NDX gained 1.18% and 1.21% respectively. The SPX rallied 1.02%. Volume was lower across the board. It fell 9.49% on the Nasd and 3.44% on the New York. Leading stocks did well also with the leaders index higher by 1.32%. The index closed high in its trading range and made a new closing high. Volume was lower and fractionally above average. The market built on yesterday’s bounce and made solid gains. All the major averages closed strong and that is good. Recovering their 50dma’s is also positive. The concern here is volume. Each of the recent up days has occurred on lower volume. This shows a lack of buying interest from large institutional players. If this positive price action is to last there must be some volume behind it fairly soon. There will be no update tomorrow and the market is closed on Friday. I hope everyone has a good Christmas weekend. Jerry
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