The market opened lower and it looked like we would get another nasty day. Within the first hour of trading the major averages made a bottom and started to rally. We got something of an upside reversal with the COMPQ having a decent gain of .37%, but the SPY barely got into positive territory with a gain of .03%. Volume was lower across the board so there was not a lot of conviction in the upturn. Leading stocks did better with the leaders index up 2.45% on the session. It regained it’s important 17dma, but volume was lower and well below average. Not a lot of conviction here either. Overall it was a pretty lackluster session. The reversal would have been more convincing if there were larger gains on the major averages and strong volume. There has not been much in the way of serious damage done to either the major averages or the leaders index, but the market is a little wobbly right now and we need some convincing upside action. Jerry
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