The market put in an overall solid session today. The major averages opened higher and after giving up some ground saw some strength near the close. All the major averages finished high in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining .73% and .91% respectively. The SPX rallied .57%. Volume was mixed. It gained on the Nasd and was lower on the New York. Leading stocks were higher as well. Since there was a follow Through yesterday I created a new leaders index. It contains 21 stocks in 15 different industry groups. I think it is a good cross section of stocks that are leading now. I have included a text file with the components of the new index. The index gained .57% on the day and closed high in its trading range. Volume was lower and below average. Today’s action was overall encouraging. Yesterday’s gains were built on today and so far the follow through is off to a good start. The gains today were solid on mixed volume. The market didn’t give back any of yesterday’s gains and that is positive action. The market is acting like it wants to go higher. I would be surprised if this turns out to be a very strong rally, I’m not convinced the market is ready for that yet. There seem to be some gains to be made in the short term, but I don’t think it will go that far. Jerry
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Originally Posted by Jerry Samet
