The market took a break today after recent positive action. The major averages opened with solid gains, but they didn’t hold as late selling came in. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX gained .04% and .08% respectively. The SPX lost .02%. Volume was mixed, higher on the NASD and slightly lower on the New York. Leading stocks were lower with the leader’s index falling only .11% on the day. The index closed in about the middle of its trading range on slightly higher but below average volume. The market couldn’t hold on to early gains and closed little changed. The weak close along with the higher volume on the NASD was stalling action on the NASD averages. The market has been digesting recent gains in a fairly constructive fashion. Leading stocks are pretty much following the same pattern. So far earning have come in pretty good, with TSM seemingly wiping out the damage from ASML. Overall the market is acting well and the rally appears to be on solid ground. Jerry
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