The market mostly went sideways in the last week. Today the major averages opened weak and mostly worked their way up the rest of the day. Even with a little late weakness the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .27% and .33% respectively. The SPX rallied .14%. Volume was mixed but little changed. It was slightly higher on the New York and lower on the NASD. Leading stocks had a strong day. The market has come a long way lately and may need a rest. In the last week or so the major averages have been going sideways pretty much at their highs. The COMPQ made a new high today and the other major averages are fractionally below their highs. The rally looks like it is still intact overall, but may need a period of consolidation or a pullback. Two short term indicators I look at are showing some weakness and may signal some corrective action here. The CPI and PPI reports come out tomorrow and Wednesday and earnings season kicks in tomorrow with some big bank earnings. Jerry
Reply With Quote