The market continued Friday’s bounce today. The major averages opened slightly higher and after a little selling found a bottom and rallied most of the rest of the day. All the major averages finished near the top of their intraday trading ranges. The NASD averages led the way with the COMPQ and the NDX gaining .98% and 1.01% respectively. The SPX gained .73%. Volume was lower across the board, as you would expect after an expiration day. Leading stocks didn’t do much today with the leaders index higher by only .02%. The index closed high in its trading range on lower and below average volume. The market continued to bounce today, but it was a bit of a mixed session. The major averages did pretty well but the underlying market was mixed. Market internals were fairly flat but there was distribution in individua stocks. The market is acting like it wants to work its way higher in a year end rally, but it doesn’t look particularly strong right now. A lot of damage was done last week and it may take a little time to work through it. Right now it looks like there is a year end rally developing, but it doesn’t look that strong right now. I have family here for the holidays so I will take the rest of the week off. I hope everyone has a good holiday , which ever one you celebrate. Jerry
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