The market had an overall moderately positive session today. The major averages opened lower but gained ground most of the remainder of the session. All the major averages finished high in their intraday trading ranges. The NASD averages lagged due to weakness in tech stocks. The COMPQ and the NDX fell .25% and .31% respectively. The SPX gained .21%. Volume was lower across the board. Leading stocks sold off today. The leaders index fell 1.79% on the day. The index closed high in its trading range on lower but slightly above average volume. Weakness in mostly big cap tech stocks caused some declines in the NASD averages and leading stocks overall, but it was generally a pretty good session. The major averages held yesterday’s big gains and even built on them somewhat, except for the NASD averages. All the major averages overcame early weakness to close high in their trading ranges. Market internals were also positive. The major averages are holding up pretty well, there has been some weakness in leading growth stocks, but they are not to bad. Right now the market seems to be holding up. Volume may become an issue soon if we don’t get an up day on higher volume. Right now the three mostly up days have been on lower volume. Right now the market is holding up and hopefully will through year end, but keeping an eye on the exits isn’t a bad idea. There will be no update tomorrow. Jerry
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