The market was moderately higher today. The major averages opened strong and mostly worked their way lower the rest of the day. All the major averages finished low in their intraday trading ranges. The COMPQ gained .26% while the NDX was flat. The SPX rallied .27%. Small and mid-cap stocks showed strength. Volume was mixed, higher on the New York and lower on the NASD. Leading stocks had a good day with the leaders index gaining .84% on the session. The index closed in about the middle of its trading range on lower and very light volume. The market opened with good gains and then lost most of them by the close, finishing low in its trading range. This is similar action to Friday. The market continues its consolidation. So far the price action has been ok as the major averages are very close to their highs. Market internals were good today and leading stocks are doing pretty well. There is a potential mine field in the next two weeks as earnings reports, economic reports and the election approach. In the next three days five of the seven mag 7 stocks will report. The GDP numbers come out on Thursday and the employment report on Friday. Next week there is the election on Tuesday and the Fed announcement on Thursday. Right now there are conflicting signals out there. The market will react to all the news coming up. If it is good the rally will likely resume. If not we could see some weakness. Jerry
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