The market put in a generally positive performance today. The Nasd averages were again the leaders while the New York averages lagged. The COMPQ and the NDX were higher by .72% and .73% respectively. Much of this was due to strength in large cap tech stocks. The SPX rallied .17%. The Nasd averages closed in about the middle of its intraday trading ranges while the New York averages finished low in their trading ranges. Volume was mixed, higher on the Nasd and lower on the New York. The Nasd averages made new highs today so it is encouraging to see higher volume accompany the higher prices. Leading stocks had a strong session as the leaders index rallied 1.29% on the session and closed just above the midpoint of its trading range. Volume on the leaders index was lower and well below average. You would rather have seen stronger volume as prices made new highs. The relative strength line of the leaders index also made a new high. Today’s action was positive overall. Quality growth stocks did well and are leading the market higher. The Nasd averages made new highs on higher volume. The small cap stocks are also acting well with the RUT madding new highs. The fact that the New York stocks are acting fairly poor is cause for some concern, but much of this may be due to trade issues. With the leading and the small cap stocks acting well the chances of the market topping out here are likely not that great. The picture still looks good. jerry
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