The market opened a little lower today and after regaining those losses traded sideways until the Fed minutes announcement. The report seemed to say that the Fed would hold off on an interest rate hike until at least late this year. The major averages rallied strongly after the announcement, but couldn’t hold the gains. The market lost all those gains and closed in the lower half of it’s intraday trading range. The COMPQ finished up by .03% and the SPX declined by .09%. Volume was mixed on the session, higher on the Nasd and lower on the New York. The was a stalling day on the COMPQ, the first day of distribution since the most recent follow through last Thursday. Leading stocks had a better day than the overall market with the leaders index rising by .45% on the session. The index closed in the upper half of it’s trading range and saw new highs on both a closing and a relative strength basis. Quality growth stocks are outperforming the major averages since the follow through, which is good, but few are producing real gains. The bias seems to be to the upside right now, but it is still not a good idea to get to carried away. Jerry
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