It was a quiet August Friday with very low volume and nothing being done to resolve the current uncertain environment. After a little early weakness the major averages rallied the rest of the session to close with moderate gains. The COMPQ was higher by .29% while the SPX gained .39%. Both finished near the top of their intraday trading ranges. Volume was extremely low as you would expect. Leading stocks had a quiet session as well. The leaders index rose .31% and closed in the upper half of it’s intraday range. The day’s action really changed nothing. The leaders index is still trading in a tight range right below the confluence or the short term 9 and 17dma’s. The SPX is trading with the 50dma as resistance and the 200dma as support. The COMPQ is living below it’s 50dma. We remain stuck in a trendless trading range that can’t get going in either direction. It is very difficult to make any headway. Positions taken, if any, should be small. Jerry
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