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Leaders Index 10-20-21
The market was mixed today, but overall it was a positive session. The major averages diverged a bit with the New York averages stronger while the Nasd averages lagged due to weakness in growth stocks. The SPX gained .37% while the COMPQ and the NDX fell .05% and .14% respectively. The New York averages closed high in their intraday trading ranges while the Nasd averages finished in the lower half of their trading ranges. Volume was also mixed. It was lower by 8.08% on the Nasd and higher by 5.04% on the New York. This is supportive as there was higher volume on the better acting New York averages and lower volume on the Nasd averages as they consolidated. Growth stocks lagged today and the leaders index was lower by .31% on the day. Other ETF’s of quality growth stocks were lower as well. The index closed in the lower half of its trading range on lower and well below average volume. The market acted overall pretty well today. The New York averages are right at their old highs and they rallied today on higher volume. The Nasd averages took a break today as growth stocks were weaker, but they did so today on lower volume. This shows that there was not heavy selling pressure in these stocks. Market internals were surprisingly strong today considering the moderate changes in the major averages. This is encouraging. We are coming into the thick of earnings season in the next week or so and this will affect the market, but right now the rally looks like it is on solid ground. Jerry