The market was pretty flat yesterday on mixed but generally quiet volume. There was little change in the major averages, but they are holding the gains they made when they broke above their recent consolidations. The NYA is well into new high ground for the move while the SPX is challenging recent highs and must break into new high ground to avoid a potential double top. This would also invalidate the potential head and shoulders pattern that was forming over the last few months. Leading stocks generally took a break for the last couple of days as the leaders index was down .23% yesterday on lower but slightly above average volume. After it’s recent rally it is not unusual for the index to consolidate, and so far it looks pretty orderly. Both the major averages and leading stocks are acting well lately and although there are some early signs of extension, the rally is intact. Jerry
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