After opening strong the market spent most of the rest of the session working its way lower. The major averages lost much or all of their intraday gains with the New York averages closing lower and near the lows of the day and the Nasd averages losing much of their gains and closing in the upper half of their trading ranges. The COMPQ was higher by .29% while the SPX declined .10%. Volume was mixed, higher and above average on the Nasd and lower and below average on the New York. Leading stocks did better than the overall market with the leaders index rallying 1.25% on higher and above average volume. The index closed in the upper half of its trading range, a sign of support. It made a new high on both an intraday and a closing basis. The relative strength line of the leaders index also made a new high, although this is against the SPX and not the COMPQ. The fact that the index made new highs on higher and above average volume is positive. Quality growth stocks are leading the overall market and that is usually a good thing. The Nasd averages are doing well, but the New York averages are struggling a bit and are having trouble overcoming round numbers. The trend still appears to be up, but we need to see the New York averages move higher with some conviction to confirm the uptrend. Jerry
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