Leaders Index 5-12-22

It was a wild ride today. After opening lower the major averages rallied to decent gains before renewed selling came in and drove them down to new lows. In the last hour buying came in and the major averages finished little changed. All the major averages closed in the upper half of their intraday trading ranges. The COMPQ was higher by .06% while the NDX fell .16%. The SPX lost .13%. Volume was higher across the board. It gained 9.31% on the Nasd and 8.48% on the New York. Leading stocks ended up about flat as well with the leaders index higher by .01%. The index closed in the upper half of its trading range on slightly higher volume. The market put in a very volatile session today with large swings in each direction. It looked like there would be another large loss until the last hour when buying came in and the major averages closed pretty much unchanged. This is something of a positive reversal and it could lead to some short term strength, I don’t think it will amount to much. The market is very oversold on a short term basis so a bounce is possible anytime, but nothing that happened today changes the overall picture. Jerry