The market staged a solid rally today as the strength continued. The major averages opened a bit lower but spent most of the remainder of the session moving higher. All the major averages finished high in their intraday trading ranges. The New York averages were a little stronger today with the SPX advancing 1.22% on the day. The COMPQ and the NDX gained 1.15% and 1.20% respectively. Volume was a bit lower across the board. Leading stocks were higher but underperformed the overall market. The leaders index was higher by .16% on the day. The index closed high in its trading range on lower but above average volume. The market continued to work its way higher today with some strong action. The only negative today was lower volume, but it was close. The Fed was pretty hawkish yesterday but the market seems to be shrugging it off. The recent action is pretty impressive, but the major averages, particularly the Nasd averages are getting a little far above their important moving averages. I would not be surprised to see a bit of a pull back or consolidation here, but the market is acting well and we will likely see higher prices before the rally is finished. Jerry
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