The market put in a solid performance today. The major averages opened weak, but put in their bottoms in the first five minutes of trading. They then reversed higher and rallied into the close. All the major averages finished the session at their intraday trading highs, a sign of support. The Nasd averages led the way with help from the very strong semiconductor group. The SOX was higher by 3.10%. The COMPQ and the NDX gained .85% and .70% respectively. The SPX gained .47%. Volume was higher across the board. Up by 5.15% on the Nasd and 2.49% on the New York. This shows that large institutional players were buying stocks today, encouraging. Leading stocks were higher as well with the leaders index gaining 1.33% on the day. It closed high in its trading range and back above its short term 9dma and 17dma. Volume was lower and below average. The action today was positive overall. The major averages started out weak but quickly reversed higher and rallied for the rest of the day. The strong finish combined with the higher volume is positive action. All the major averages made new highs today. They also did that on higher across the board volume. This is the kind of action you want to see if you are a bull. Quality growth stocks are lagging a bit in recent trading as can be seen in the leaders index and the IBD 50 not making new highs. This is about the only real negative I can see out there right now and the preponderance of the evidence points to higher prices ahead. Jerry
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