The market closed mixed today in an overall slightly positive session. The major averages opened lower, rallied a bit and then spent most of the day bouncing around unchanged. Late buying came in and all the major averages finished high in their intraday trading ranges. The Nasd averages has some small gains with the COMPQ and the NDX gaining .41% and .34% respectively. The SPX fell .24%. This showed some distribution in New York stocks. Volume was higher across the board. It gained 3.48% on the New York and 16.96% on the Nasd. Leading stocks were mixed as well. The leaders index fell .62% while a couple of ETF’s that invest in quality growth stocks were higher. The index closed high in its trading range on slightly higher volume. The market continued some mildly positive action today. After early losses the major averages recovered much of those declines and late strength saw the market close near its highs. The fact that the market held on to the gains of the last two days is encouraging. The major averages have significant resistance above them. The New York averages have to overcome their 50dma’s while the COMPQ must get over its 200dma. There is a curl in the chart of the weekly Coppock as of today, but we will have to see what happens by the end of the week. Right now a cautious stance is still the best idea. Jerry
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