The market put in an overall positive performance today, although it was a bit of a mixed picture depending on which exchange you look at. The Nasd averages were stronger and closed in the upper half of their intraday trading ranges. The New York averages finished near the bottom of their trading ranges. The COMPQ and the NDX were higher by .62% and .63% respectively while the SPX rallied only .09%. Volume was also mixed. It was higher by 6.63% on the Nasd and lower by 3.33% on the New York. Leading stocks were higher as well with the leaders index gaining 1.44% on the day. The index closed in about the middle of its trading range and volume was a little higher. Overall not much has happened since the follow through. There were good price gains in the few days before it, but since then the market and the leaders index have been consolidating. The New York averages remain above their 50dma’s while the Nasd averages are either sitting right on this important moving average or just below it. The leaders index has been consolidating for six trading sessions now, but it remains above its short term 9dma and the relative strength line made a new high today. It is positive when quality growth stocks outperform the overall market. The market has gone nowhere since the recent follow through. It is generally holding up ok and there has been no official distribution so the rally attempt is still intact, but it seems to be going nowhere fast. Jerry
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