The market had a moderately positive session today after last weeks gains. The major averages opened higher and mostly held the gains. Some selling came in but they quickly recovered and all the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .35% and .36%. The SPX rallied .32%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were higher as well with the leaders index gaining .36% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market did pretty well today with the major averages posting moderate gains. There was a solid finish with the major averages strong and volume was higher on the Nasd. The major averages are now only fractionally below their respective 50dma’s. This important moving average will provide resistance, but a break above it may well set up a run for the old highs. The picture looks a bit better after the last few days. The week ahead will be eventful. Tuesday and Thursday will have potentially market moving earnings reports. Wednesday will see the Fed announcement and Friday is the employment report. Any of these could trigger a break above the 50dma’s of the major averages. They could also trigger a follow through. The week will not be boring. Jerry
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