The market took a break today after recent strength. The major averages opened lower and traded in negative territory most of the day. Some late strength saw all the major averages finish in the upper half of their intraday trading ranges. The COMPQ and the NDX were modestly lower with declines of .05% and .13% respectively. The SPX was off by .21%. Volume was mixed, lower on the New York and higher on the NASD. Leading stocks were hit harder than the overall market. The leaders index fell 1.95% and closed in about the middle of its trading range. Volume was lower and below average. The market took a break today, but it was overall a solid session. The CPI came in above expectations, but the market held up pretty, showing only modest losses. The major averages finishing in the upper half of their trading ranges also shows support. The market is acting well right now. It could have sold off on the higher inflation numbers today, but it didn’t. Leading stocks didn’t have a great day, but they have been outperforming lately. The rally appears to be acting well right now, and barring some unexpected event should work its way higher. There will be no update tomorrow. Jerry
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