The market closed little changed yesterday in mostly quiet trade. The major averages opened higher but couldn’t hold the gains. All the major averages finished in the lower half of their intraday trading ranges. The COMPQ and the NDX were slightly higher with gains of .02% and .07% respectively. The SPX was higher by .08%. Volume was lower across the board, not unusual before a long holiday weekend. Leading stocks did better than the overall market with the leaders index gaining .45% on the day. The index closed in the upper half of its trading range on lower and below average volume. The earnings reports yesterday didn’t light any fires and after some early strength the major averages sold off and finished little changed. This actually isn’t bad as the market held its gains of earlier in the week. The market is acting pretty well overall, but seems to be struggling a bit at current levels. The major averages are trying to break to new highs and are meeting some resistance. The COMPQ is right at the 15,000 level and is having trouble breaking above this level. The market may need some catalyst to get it above the current resistance levels. Some good earnings reports, particularly from the big tech companies, could provide the catalyst. Right now the rally looks like it is on solid ground and we have likely not seen the top yet. Jerry
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