The market was mixed today as the major averages traded in a tight pattern. They opened lower and ended mixed. The Nasd averages showed small gains with the COMPQ up by .19% and the NDX gaining .10%. The New York averages were lower with the SPX losing .49% on the session. The COMPQ finished near it’s intraday highs and the SPX closed near it’s lows. Volume was lower across the board. Leading stocks had a solid day with the leaders index rising 1.07% on lower but still well above average volume. The index went well into new high ground on both a price and a relative strength basis.The fact that quality growth stocks continue to outperform the overall market is a positive sign. They usually roll over before the major averages when a market tops out. The major averages consolidated yesterday’s gains well, which is also a good sign. The market is acting like it wants to go higher and while expectations should be kept modest it appears that there is some money to be made. Jerry
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