The market showed some early strength, but most of it was lost by the close. The major averages closed with moderate gains low in their intraday trading ranges. The COMPQ and the NDX gained .20% and .05% respectively. The SPX was higher by .03%. Volume was moderately higher across the board. Leading stocks showed moderate gains as well with the leaders index gaining .27%. The index closed in the lower half of its trading range on lower and well below average volume. The market had some nice early gains, but couldn’t hold on to them. Market internals were positive, but the market seemed to mostly be biding its time before the Fed announcement. The market held up pretty well and the NASD averages remained above their 50dma’s. Everything depends on the Fed announcement tomorrow. The market is holding up right now, but there isn’t much power in the rally. Jerry
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