The market put in a pretty quiet session today before the long holiday weekend. The markets opened little changed and traded around that level most of the day. The major averages finished mixed but little changed on the day. The COMPQ and the NDX fell .12% and .14% respectively. The SPX was higher by .11%. Volume was mixed, higher on the Nasd and lower on the New York. Leading stocks were slightly higher on the day with the leaders index gaining .77% on the day. ETFs of leading growth stocks were mostly lower on the day. The market mostly bounced around unchanged all day in an overall quiet session before a long weekend. The PCE will come out tomorrow as well as an interview with Powell. They could affect the market on Monday. We continue in a confused market. The major averages are hovering around new highs, but many leading stocks are struggling. We may be seeing something of a rotation into small and mid-cap stocks as they have been outperforming lately, but that may not be enough to keep the rally going. It looks more and more like we are going through a topping process in this rally, but it isn’t ready to roll over yet. Jerry
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