Leaders Index 3-23-20

The selling continued after new action by the Fed had little effect. After opening lower the major averages couldn’t rally. The New York averages were the weakest with the SPX falling 2.93%. The Nasd averages were stronger with the COMPQ off by only .27% and the NDX higher by .18%. The Nasd averages closed in the upper half of their trading ranges while the New York averages closed low in their trading ranges. Volume was lower across the board, as would be expected after an expiration day. Leading stocks were slightly lower with the leaders index off by .21%. The index closed high in its trading range and volume was lower but above average. The outperformance of the Nasd averages was an encouraging sign. There was a lot of strength in the semiconductor stocks as the SOX was higher by 3.36%. The market may be trying to put in something of a short term bottom, but so far we haven’t seen much. The sidelines remains the place to be. Jerry