The market put in a mildly positive session today, at least in the major averages. The major averages opened modestly lower but worked their way a bit higher from there. All the major averages finished high in their intraday trading ranges. The NASD averages led the way with the COMPQ and the NDX gaining .49% and .25% on the day. The SPX rallied .16%. Volume was higher across the board. Leading stocks were lower on the day with the leaders index declining .75% on the day. The index closed high in its trading range on lower and well below average volume. The market staged a modest rally today, at least in the major averages. Market internals were weak with advancing and declining volume and issues both showing negative results. The unweighted ETFs of the major averages were also down. The market still looks like it is consolidating, and so far it seems to be in a fairly constructive manner. The major averages are trading in a pretty tight pattern in the last week or so and the extended levels in the high jump are working their way off. So far it looks like a consolidation and not a real sell off. That can change, but right now there are not many signs that a real correction is imminent. The final GDP report comes out tomorrow and the PCE on Friday. Both could move the market if they deviate much from expectations. Jerry
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