The market continued its consolidation today in a fairly constructive way. The major averages opened a bit lower and traded mostly in negative territory all day. The NASD averages finished high in their intraday trading ranges while the New York averages closed in about the middle of their trading ranges. All closed with small losses. The COMPQ and the NDX declined .09% and .17% respectively. The SPX fell .29%. Volume was lower across the board. Leading stocks sold off a bit as well with the leaders index falling .92% on the day. The index closed in the lower half of its trading range on lower and below average volume. The market put in an overall solid session today. It is continuing to consolidate the post- election rally. Volume was down today showing that large institutional players were not selling today. The strong close in the NASD averages and the decent close in the New York averages are also supportive. We can’t know how long the consolidation will continue, but so far things look pretty good. Jerry
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