The market staged a solid rally today, but volume was missing. The major averages opened slightly lower and bounced around unchanged until the Fed minutes came out. That produced a rally and all the major averages finished high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.51% and 1.48% respectively. The SPX advanced .95%. Volume was lower across the board. It fell 4.46% on the Nasd and 3.59% on the New York. Leading stocks had a good day as well with the leaders index gaining 2.35% on the day. The index closed high in its trading range on lower volume. The market staged a solid rally today on a price basis. The lower volume showed that large institutional players were not in there buying heavily. The price gains were nice and the market may be trying to stage a counter trend rally here. Some of the short term indicators that are looking better and we certainly have had a big recent decline. A good counter trend rally here would be a good thing as it might mark the end of this second leg of the bear market. That would be good. It is a little to early to call such a rally, but it is looking like that is how it will play out. Jerry
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