The market staged a pretty nice rally today. The major averages opened lower on news from Russia but quickly found a bottom. They rallied most of the session and closed near their intraday trading highs. The NASD averages led the way with the COMPQ and the NDX gaining 1.04% and .71%. The SPX rallied .40%. Volume was mixed, slightly higher on the New York and lower on the NASD. Leading stocks had a strong session with the leaders index gaining 1.45% on the day. The index closed high in its trading range on lower and about average volume. Some ETFs of leading growth stocks did better. The market put in a decent rally today with solid gains in the major averages. Market internals were so so but the gains in the major averages and leading stocks were good. Support levels look like they are going to hold. The action in leading stocks is encouraging, as they tend to top out before the major averages. I am looking at making a new leaders index as after all this time many components of the index are broken. This is why it is lagging a bit. At this point we are waiting for NVDA’s earnings after the close tomorrow. That will set the tone on Thursday. Jerry
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