Leaders Index 10-10-22

The market continued weak today. The major averages opened little changed but it was mostly down hill from there. All the major averages finished in the lower half of their intraday trading ranges. The COMPQ and the NDX lost 1.04% and 1.02% respectively. The SPX declined .75%. Volume was lower across the board. It fell 11.79% on the New York and 11.83% and the Nasd. Leading stocks were lower as well with the leaders index falling .27% on the day. Volume was slightly lower and the index closed in about the middle of its trading range. The market continued to decline today with all the major averages taking out the lows of the recent rally day. The Nasd averages made new lows for the bear market. There isn’t much support in the charts of the major averages so the market could see some real further declines. It’s impossible to say where the bottom will be, but it is likely that it will not come until well into next year. Until then there will be some opportunities for short term gains, but preservation of capital is the paramount issue right now. Keep most of your powder dry so you will be ready to take advantage of what will be an excellent buying opportunity when the real bottom is in. Jerry