It was another quiet session today as the market continues to consolidate it’s recent break to new highs in a constructive manor. All the major averages traded close to unchanged most of the day before a little late strength allowed them to finish at their intraday highs. The Nasd was slightly positive with the COMPQ gaining .10% while the NDX was up by .14%. The New York averages were about flat with the SPX declining .03%. Volume was lower across the board, as would be expected after an expiration day. Leading stocks were generally positive today with the leaders index gaining .46% on about flat and slightly above average volume. The index made a new closing and intraday high today and is riding it’s short term 9dma higher. A good piece of the gain was due to a 14.71% gain in VRX on the announcement that it was buying SLXP. Both the major averages and quality growth are acting fairly well and Fred Richard’s A+190 screen produced fourteen stocks today, the highest number I have seen in a long time. Given all this you would expect the market to work it’s way higher, but how much strength it will have is open to question. Jerry
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