It was a quiet session today with the major averages closing little changed. After opening a little weaker the major averages worked their way higher for the rest of the day until the last ten minutes saw a small decline. The COMPQ was higher by .04% while the SPX was off by .13%. Both finished in the upper half of their intraday trading ranges and volume was lower across the board and well below average. This shows that large institutional players were not very active today. Leading stocks mirrored the overall market today with the leaders index gaining .10% on lower and well below average volume. The index closed in about the middle of it’s intraday range and remains at the top of the consolidation it has been in for last couple of weeks. The Fed announcement will be made on Wednesday and it is likely that tomorrow will be quiet also. The expectation is that the Fed will not raise rates on Wednesday which would tend to support the market. If they do raise rates the market will likely sell off. As of now the rally is intact, if uninspiring. Jerry
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