The market bounced around today before finishing little changed. There were mostly slight gains with all the major averages finishing in the upper half of their intraday trading ranges. The COMPQ closed up .07% while the NDX declined .23%. The SPX gained .23%. Volume was mixed, higher on the New York and lower on the Nasd. Leading stocks were about unchanged on the day with the leaders index higher by only .03%. The index closed in about the middle of its trading range on higher but just below average volume. The market didn’t do much today but closed with a slight upside bias. In a reverse of yesterday the small and mid-cap stocks outperformed today. Market internals were also strong today with a good deal of accumulation under the hood. The market is having some trouble breaking above some recent consolidative action, but the rally seems to still be on solid ground. I don’t think the rally is over and we should see higher prices before it is. Jerry
Reply With Quote