Leaders Index 3-12-18

The market had a wild week last week with large moves in both directions. On Wednesday the market sold off on Gary Cohen’s resignation. That changed on Friday after a strong jobs report sparked a rally that showed solid price gains and took the Nasd averages into new high ground. This was enough for IBD to go back to a rally call. Today was a mixed market with strength in the Nasd averages and weakness in the New York averages. The SPY was lower by .13% while the COMPQ was higher by .36%. The New York averages closed low in their intraday trading ranges while the Nasd averages closed in about the middle of their trading ranges. Volume was mixed, slightly higher on the Nasd and slightly lower on the New York. Leading stocks were mixed with the leaders index about flat with a decline of .05%. The index made a new intraday high and came close to a new closing high. The index closed in about the middle of its trading range on higher but slightly below average volume. After it looked like the market might get into real trouble Friday’s action significantly improved the picture. The Nasd averages moved into new high ground and we will have to see if the New York averages can follow. Right now it looks like the market wants to go higher and the short term trend appears to be up. Jerry