The market was higher today, but it wasn’t the kind of rally that inspires much confidence. The major averages gapped higher at the open, but then spent most of the remainder of the session working their way down. All the major averages finished near the bottom of their intraday trading ranges, the gains were in the opening gap. The COMPQ and the NDX rallied .82% and .99% respectively. The SPX gained .63%. Volume was lower across the board, as you would expect after an expiration day. Leading stocks were higher as well with the leaders index gaining .50% on the day. The index closed in the upper half of its trading range on lower and below average volume. The market gapped open today and it looked like it might be a strong session. The major averages mostly worked their way down from there and really closed weak. Market internals also did not look like it was a solid up day. The charts of the major averages and the leaders index look like they are consolidating, but there is weakness under the surface. The Fed announcement comes on Wednesday. The market is waiting for that. Jerry
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