The market had a decent up day today with all the major averages up over .5% and finishing near their highs of the day. Volume declined across the board, so there was little in the way of institutional buying. The major averages(except the NYA) are flirting with their 200dma's. How they act at this important level and weather they can retake it with conviction will tell us a lot about the near term direction of the market. Leading stocks did pretty well as the leaders index rose 1.07%, but on very light volume. The declining 17dma seems to be ruling the pattern now and the index must bet above it to get anything going. Jerry
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