The action of the market looked a lot like yesterday. The major averages opened a bit higher and then sold off until there were declines all around. The major averages then worked their way higher for the rest of the session and finished in positive territory. The COMPQ and the NDX were higher by .34% and .17% respectively. The SPX rose .36%. All the major averages closed in the upper half of their intraday trading ranges, a positive sign. Volume was lower across the board, not exactly want you want to see when prices rise. Leading stocks were higher as well with the leaders index gaining 1.20% on the session and closing just above the midpoint of its trading range. The index is now back above its 17dma and volume was lower and well below average. The action today was mildly positive. The major averages and the leaders index closed in the upper half of their intraday trading ranges as opposed to closing in the lower half yesterday. There were a couple of attractive breakouts today in FIVE and LULU. How these stocks react from here will tell us a lot. Overall the rally is under some stress right now and any new buys should be made with a good degree of caution. Jerry
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