The market put in an overall solid session yesterday. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.77% and 1.67% respectively. The SPX rallied 1.26%. Volume was mixed. It was about flat on the New York and lower on the NASD. Leading stocks had a strong session with the leaders index gaining 1.42% on the day. The index closed in the upper half of its trading range on lighter and below average volume. The market finally had a good session Friday with solid gains in the major averages and leading stocks. The SPX is sitting right on its 50dma and the COMPQ regained some short term moving averages. The action yesterday was good, but the lack of volume shows that large institutional players were not heavy buyers. The action yesterday was encouraging, but it doesn’t wipe out the disappointment of the failure of the year end rally. We need more positive action, preferably on higher volume to say the market has righted itself. Jerry
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