The market had an overall quiet session today. The major averages opened little changed and were mostly sideways the rest of the day. There was a slight positive bias as the major averages saw small gains, all finishing high in their intraday trading ranges. The COMPQ and the NDX gained .03% each. The SPX was higher by .25%. Volume was lower across the board. Leading stocks were mostly higher today with the leaders index gaining 1.59% on the day. The index closed in the upper half of its trading range on higher but still pretty light volume. This was a new high for the leaders index. The market actually acted pretty well today. After some weaker than expected retail sales numbers the market could have sold off, but it held steady and kept recent gains. The semiconductor stocks continued to move strongly higher, but today’s action was mostly consolidating recent gains. The charts of the major averages and the leaders index look good. An issue here is that the major averages, particularly the NASD averages are far extended from their important moving averages. This could lead to some pullback or consolidation. Right now the rally is looking solid. Jerry
Reply With Quote