The market rallied for a second session today with all the major averages showing solid gains. The COMPQ rose .44% while the SPX was higher by .73%. Both closed near their intraday highs, a sign of strength. Volume was lower across the board. The SPX followed the COMPQ in breaking above the 50dma. The Fed left policy unchanged, which helped the market rally. Leading stocks were mixed on the day with the leaders index declining .41% on higher and well above average volume. Much of the decline came from DATA which fell 10.69% on very high volume. Only eleven of the twenty-one stocks in the index were higher on the session and twenty-six stocks in the IBD 50 were higher. This shows split action in quality growth stocks. The pattern of sharp moves followed by just as sharp reversals that we have seen for over a year. It is a difficult market to make progress in unless you are a very good short term trader or have the cast iron stomach to sit through these sharp reversals. Jerry
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