After Friday’s positive action we wanted to see it continued today. Instead we got a mixed bag. The major averages opened higher and moved on to strong gains. Selling then came in and much of the gains were lost. The major averages closed with solid gains, but they were all from the opening gap. The COMPQ and the NDX gained 1.24% and 1.09% respectively. The SPX was higher by .55%. All the major averages finished low in their intraday trading ranges. Leading stocks were higher as well with the leaders index gaining .95% on the day. The index closed high in its trading range on higher and a bit above average volume. The market started off strong, but lost some of those gains late. Several of the indicators that I look at were negative and now have quickly turned up. In addition several quality stocks broke out today and leading stocks overall are acting alright. Today’s late selling is worrisome. It looked like the market might right itself and continue the rally. That may still happen, but the late selling is reason for some caution. Jerry
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