The market bounced a bit higher today. The major averages opened higher and mostly held moderate gains. All the major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .60% and .71% respectively. The SPX was higher by .39%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks were generally higher, although the leaders index lagged, due to weakness in a couple of components. This index is getting old and I will probably create a new one soon. The index fell .38% and closed in about the middle of its trading range. Volume was lower but above average. The market bounced today, but it was not a particularly strong bounce. The major averages saw gains that were fairly small compared to Friday’s declines. The bounce was ok but not great. At this point the earnings report from NVDA coming on Wednesday, is really the key. I don’t think many market participants would commit much capital right before this. The report will set the tone. If it is good the rally would likely resume. If it is bad the market will sell off. We will have to see which way it goes. Jerry
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