Leaders Index 4-13-20

[Jerry Samet]

The market opened lower today and quickly sold off to some meaningful losses. The major averages found their footing about an hour and a half into trading bottomed out and rallied nicely. The Nasd averages were the strongest due to strength in semiconductor stocks and some big cap techs. All the major averages closed in the upper half of their intraday trading ranges with the Nasd averages closing at their highs. The COMPQ and the NDX were higher by .48% and 1.14% respectively. The SPX lost 1.01%. The SOX was the strongest with a gain of 1.40%. Volume declined significantly across the board. It was off by 23.83% on the Nasd and 34.82% on the New York. Leading stocks lagged the Nasd averages but beat the New York averages. The leaders index declined by .11% on the session. It closed in the upper half of its trading range with volume lower and below average. The market acted fairly well overall today. It recovered early losses and closed with some strength. The Nasd averages were fairly strong and closed with gains due to strong semiconductor stocks and some big cap tech stocks. The New York averages recovered most of their early losses. There seems to be a bid under the market, but it is still struggling to make real gains. Earnings season will begin in earnest this week and the market’s reaction to what will certainly be terrible numbers will tell us a lot about whether the current rally will continue or fizzle out. Jerry