The market put in a generally positive session today. The major averages opened lower but quickly reversed and rallied most of the remainder of the day. All the major averages finished near the top of their intraday trading ranges. The COMPQ and the NDX gained .39% and .26%. The SPX was higher by .56%. Volume was moderately lower across the board. Leading stocks were higher as well with the leaders index gaining .35% on the day. The index closed high in its trading range on higher but below average volume. After some recent weak days the market had a solid session today. The major averages overcame early weakness and closed strong. Volume was lower. You would rather have seen it higher. The charts of the major averages and the leaders index still look good, the SPX actually made a new high today. They look like they are in a consolidation. After a rally approaching five months old you have to be a bit wary of how much longer it can go on. The market doesn’t seem to have the strength it had earlier in the rally, but it doesn’t seem to be ready to roll over yet. The Fed announcement comes out tomorrow and that will set the tone for trading. Jerry
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