The market had a moderately positive session today. After opening lower it recovered the declines before all the major averages finished in about the middle of their intraday trading ranges. The COMPQ and the NDX were higher by .23% and .21% respectively. The SPX gained .11%. Volume was mixed, lower on the New York and higher on the Nasd. Leading stocks did well with the leaders index higher by 1.12% on the day. The index closed high in its trading range on lower and below average volume. The market traded a bit higher today, but it remains in the recent sideways consolidation it has been in for a couple of weeks. Not much is working and the few stocks that present buyable opportunities aren’t going anywhere. It is a whip saw kind of market that can produce a string of small losses as the market reverses in the consolidation. This is highly annoying as well as costly. A positive item is the action of the leaders index. It broke to a new high today on a price and a relative strength basis. Between the close on 11/1 when the follow through occurred the leaders index is up 42.48% through today’s close. Not bad for an unmanaged basket of stocks. The market is struggling right now and making any progress is difficult. The beach is nice this time of year. Jerry
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