The market was mixed today with strength in the Nasd averages and weakness in the New York averages. The market was lower early but rallied into the close and all the major averages closed at or near their highs. The COMPQ was higher by .39% while the SPY was essentially flat with a loss of .05%. Volume was mixed, higher on the Nasd and slightly lower on the New York. It is good that the higher volume was associated with higher prices on the COMPQ. Leading stocks generally had a good session with the leaders index posting a gain of 1.24% on much higher volume. This was in fact the first day of higher than average volume on the index in about two weeks. The index also closed neat the highs of the session. The fact that leading stocks are doing better than the overall market is a good sign. Both major averages set new intraday highs today and the COMPQ closed at multi year highs. The rally looks like it is on solid ground. Jerry
Reply With Quote