The market had another overall quiet session today and closed mixed but little changed. The major averages all closed high in their intraday trading ranges, but with little price change. The Nasd averages were split with the COMPQ lower by .10% and the NDX higher by only .01%. The SPX was higher by .14%. Volume was slightly higher across the board. It gained 7.69% on the New York and 1.50% on the Nasd. The overall volume levels are very low this week and that is likely to continue. Leading stocks did better with the leaders index gaining .93% on the day. The index closed high in its trading range and made a fractional new high. Volume was very low. The market continued to consolidate recent gains in a fairly constructive manner. The changes in the prices of the major averages were small and while volume was higher it is hard to put to much on small changes this week. The action is overall mildly positive and the market looks like it doesn’t want to sell off. The action after the new year starts will tell us a lot. This is clearly not a strong rally but it could still move higher. There will be no updates tomorrow and Friday. If I have time over the weekend I will put up a few year end thoughts. If not I will incorporate them into Monday’s update. I hope everyone has a happy New Years weekend. Jerry
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