After mostly positive action last week, the market had a moderate pullback today. The major averages opened lower and traded in negative territory all day. The major averages mostly closed in the upper half of their intraday trading ranges, so most of the decline was in the open. Volume was higher across the board, but it was against very light volume on Friday. Leading stocks were lower as well. The leaders index fell 1.56% on the day. The index closed low in its trading range on higher but still pretty low volume. The index held its important 50dma. The market is acting pretty well overall right now. Last week there was mostly positive action and today’s pullback is not unexpected. Volume was higher but it was compared to a day on Friday when few were at work. Market internals were negative today, but not strongly. We are headed into the end of the year and right now the action of the market and the rally look alright. We are in the Santa Claus rally time frame and that would point to a moderately higher market in the short term, but you can never be sure. Right now things look alright and the market seems to want to work its way higher. Jerry
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