The market did a mirror image of yesterday. The major averages opened higher then lost much of the early gains. After trading around unchanged some late buying came in and the major averages rallied into the close. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .51% and .39% respectively. The SPX was higher by .86%. Small and mid-cap stocks were strong. Volume was mixed, higher on the New York and lower on the Nasd. Leading stocks were lower on the day as growth stocks lagged. The leaders index was off by .41% on the session. The index closed high in its trading range on higher but below average volume. The market looked like it was going to be a weak session until the last hour or so when buying came in. The major averages finished with moderate gains. There was real strength in the small and mid-cap stocks as those stocks performed well. Leading growth stocks struggled today as can be seen in the small declines in the leaders index and certain ETFs of leading growth stocks. The unweighted ETFs of the major averages did better than the averages themselves. It’s a tough market right now. The major averages are struggling to move higher right now, but the market doesn’t seem to want to roll over either. Maybe the small and mid-cap stocks will take over leadership, but the easy money in this rally is long behind us. Jerry
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