The market gave back some of Thursday’s gains yesterday. The major averages opened higher after some solid earnings reports from a few big banks, but it didn’t hold long. Selling came in and the gains were lost. Some late strength saw the major averages finish just above the midpoint of the day’s action. The Nasd averages were weaker with the COMPQ and the NDX falling .35% and .23% respectively. The SPX lost .21%. Volume was mixed. Lower on the Nasd and slightly higher on the New York. The change on the New York volume was so small that other data feeds could have different results. Leading stocks did better than the overall market with the leaders index gaining .25% on the day. The index closed in about the middle of its trading range on higher but below average volume. The market gave back some of Thursday’s gains as good earnings report didn’t do much to help the rally. The major averages avoided distribution as volume slowed late so it was mostly lower overall. The sideways action continues with the market unable to make solid gains and hold them. We are still bouncing around with the market seemingly not ready for a sustained up move. The Fed will likely raise one more time in May before it pauses to see how the rate hikes effect the economy. Maybe that will trigger a real rally, but right now we appear to be mostly treading water. Jerry
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