The market continued to rally yesterday with the major averages posting decent gains. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished near their intraday trading highs. The COMPQ and the NDX were higher by .65% and .47% respectively. The SPX gained .54%. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining .95% on the day. The index closed in about the middle of its trading range on lower and well below average volume. The market continued its recent recovery yesterday as better than expected inflation data helped. The major averages recovered their 50dma’s and I guess the next target is the old highs. It is a very confused market right now. Every time the market seems to be getting a head of steam in one direction or the other it seems to reverse. The market looks like it wants to go higher right now, but it is a market where you should look for singles, not home runs. Jerry
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