1.   All three major averages were down Tuesday.

2.   Although the stock market pared its gains from the highs of the day, all three major averages were up.

3.   And the ratio of advancing stocks to declining ones also peaks before the major averages turn down.

4.   And there is no reason that the major averages cannot keep rising.

5.   After slumbering through much of the session, stocks sprang to life in the final hour Wednesday to carry two of the major averages to solid gains.

6.   All other major averages declined.

7.   All major stock averages recovered from early losses to post small gains for the day.

8.   All major stock averages are now at their highest points since March.

9.   But major stock averages dropped back from early gains to close with losses.

10.   But major stock averages pulled back on Thursday as investors converted some of their share price gains to profits.