The market traded in a pretty tight pattern all day today. All the major averages closed with small losses ranging from .07% for the COMPQ and .04% on the SPY. They all finished near their intraday highs. Volume was higher across the board but the losses were small enough so there was no distribution on any of the averages. Leading stocks generally struggled today with the leaders index off by .45% on much higher and above average volume. The index also closed near it’s intraday highs, which shows some signs of support. Quality growth stocks continue to show mixed results. While SWKS had a buyable gap up BITA and TRN broke down hard on very heavy volume. The market continues to be in a rally mode, but it is difficult to make any real progress as few stocks are making any real gains after their breakouts or pocket pivots. A pretty high degree of caution is advisable until stocks start acting better. Jerry
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