The market put in an overall encouraging session today. The major averages opened lower but bottomed pretty quickly and mostly worked their way higher the rest of the session. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX fell .18% and .04% respectively. The SPX was pretty much flat. Volume was very close on the New York and lower on the Nasd. Leading stocks were moderately higher today with the leaders index gaining .44% on the session. The index closed in the lower half of its trading range on lower and below average volume. The market had an overall positive session today. After some early losses the major averages recovered nicely and rallied to close little changed, finishing almost at their highs. This is encouraging action. The market has rallied in the last few days and has overcome important resistance. Not all the usual suspects have signaled yet but action right now looks ok. The major averages and the leaders index had a few days of strong action and overcame important resistance. They seem to be consolidating those gains right now in a constructive way. I would still say that cautious participation is warranted right now. Jerry
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