The market had a strong rally today. After opening strong the major averages were higher the rest of the day and all finished at or near their intraday highs. The COMPQ gained 1.25% while the SPX was higher by 1.20%. Volume was higher across the board and above average on the Nasd. The SPX regained it’s 50dma after being below it for several days. This shows again the trendless nature of the current market. Every time it looks like the market might get going in one direction or the other it reverses. Leading stocks had a good day as well with the leaders index rallying 1.29% on slightly lower but still above average volume. The index closed just above it’s short term 9dma after trading below it. as long as the index retains all it’s short term moving averages the chart will remain in good shape. There were several fresh breakouts and the best way to determine if the market and quality growth stocks will have legs is to watch how they do in the next few days. Jerry
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