The market put in a solid up session today. Thew major averages opened mixed but quickly found a bottom and rallied most of the remainder of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way as the big cap tech stocks were again strong. The COMPQ and the NDX gained 1.28% and 1.31% respectively. The SPX rallied .99%. Volume was slightly lower across the board. Leading stocks gained as well with the leaders index rallying 1.44% on the day. The index closed in about the middle of its trading range on lower and slightly above volume. The market put in a positive session today. The only thing missing would have been higher volume. The gains were good and the recent pattern of the Nasd averages leading continued. It looks like the
market wants to continue its recent gains and the stocks that have been leading all year continued to lead. There are negative signs out there, but the market continues to rally. It is a narrow move higher and they can lack staying power. For now at least the market is clearly moving higher, you just have to be in the exact right stocks. The employment report comes out before the open tomorrow. That will set the tone for trading. There will be no update tomorrow. Jerry
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