The market put in a good session today. The major averages opened higher and mostly worked their way up the rest of the session. All the major averages finished near their intraday trading highs. The COMPQ and the NDX gained .75% and .76% respectively. The SPX rallied .54%. Volume was higher across the board. Leading stocks rallied as well. The leaders index gained .87% on the day. The index closed high in its trading range on lower and below average volume. This was a new high for the leader’s index. The market had a very nice session today. The major averages closed with solid gains and high in their trading ranges, a sign of support. Volume was also higher on all the major averages, a sign that large institutional players were buying stocks today. All the major averages also broke into new high ground, also positive. The major averages are doing well, particularly the NASD averages as tech stocks are strong. I have thought that the market is a little over extended short term and that is still true, but the market is showing real strength. The major averages are pretty extended from their important moving averages in the short term, but the market is acting well and the rally remains on solid ground. Jerry
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