The market continued it's consolidation of the last week. It looked like we might get a sell off early on and possibly a distribution day but the major averages rallied late in the day to end with relatively small losses and close at the top of their trading ranges. Volume was down across the board so there was no distribution. Leading stocks did a bit better than the overall market with the leaders index rising .33% on the day. Volume was higher on the day and about average. Both the major averages and the leaders index have been in a consolidation for the last five trading days. Overall the market is acting in a constructive manner and although there are some mild signs of stress, the rally is still on solid ground. Jerry
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