The market staged another positive session today. After opening slightly lower the major averages turned around and rallied pretty much the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .76% and .82% respectively. The SPX was higher by .71%. Volume was higher across the board, showing good buying pressure as prices rose. Small and mid-cap stocks again outperformed the major averages. Leading stocks had another good day with the leaders index gaining 1.10% on the day. The index closed high in its trading range on slightly lower and a bit below average volume. The action of the market today was encouraging. After small early declines the market rallied and produced good gains. All the major averages made new highs for the rally and also 52 week highs. The rally continued to broaden out as the small and mid-cap averages again outperformed the overall market. This is what you want to see in a bull market. The fact that this is happening after a strange start of the bull market is promising. Earnings are coming out pretty well so far, and we will get into the real meat of the earnings season oner the next week or two. The Fed also meets next week. A 25 basis point increase is pretty much baked in, but the press conference is always a wild card. The market and some leading stocks may be a bit extended from their important moving averages and vulnerable to a little short term weakness, but the overall picture remains positive. Jerry
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