Leaders Index 12-16-20

The market put in a mixed session today, with the Nasd averages leading the way. After bouncing around early the major averages rallied until there was a little late selling. All the major averages finished in the upper half of their intraday trading ranges. The Nasd averages closed higher with the COMPQ and the NDX gaining .50% and .57% respectively. The SPX finished higher by .18%. The small and mid-cap averages gave back a little of their recent strong gains. Volume was mixed. It was higher by 2.60% on the Nasd and lower by 10.33% on the New York, according to Esignal. Leading stocks had a solid day with the leaders index higher by 1.58%. The index closed high in its trading range and it overcame its important 17dma resistance level. Volume was lower and pretty weak overall. The market took a rest today after yesterday’s gains. The Nasd averages were fairly strong and made new highs on slightly higher volume, a good sign. The New York averages lagged a bit. The RUT and the MID gave back some recent gains, but they have been the leaders recently. The Fed action today was generally supportive as they will continue to provide liquidity for the foreseeable future. The action today was overall encouraging and I suspect that we won’t see any real problems before the end of the year. Jerry