The market continued it’s uptrend today with the major averages opening higher and climbing the rest of the day. The SPY was strongest today with a gain of .50% while the COMPQ was higher by .43%. Small caps were higher as well as the RUT rose .35% and regained it’s 50dma. All the major averages rallied into the close and finished at their intraday highs. Volume was lower on the day again, which is not what you want to see on a rally day, but it is late summer when many market participants are away. Leading stocks had a generally positive day as well, but the leaders index was down on the day by .43% on higher but still well below average volume. The decline in the index was caused but one component, JMEI, being down over ten percent on very heavy volume. The rest of the index looked pretty solid. We have had several up days in a row so a bit of a consolidation would not be surprising right now, but it looks like we are headed higher in at least the short term. Jerry
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