Leaders Index 3-31-20

The market opened a bit lower today and then staged a rally to move into positive territory. Selling came in and the major averages spent the remainder of the session working their way lower. All the major averages finished low in their intraday trading ranges. The Nasd averages held up best with the COMPQ and the NDX losing .95% and .96% respectively. The SPX lost 1.60%. Volume was higher across the board. It rose 1.73% on the Nasd and 6.77% on the New York. Leading stocks were slightly lower with the leaders index declining .24% on the day. The index closed in about the middle of its trading range on higher and above average volume. After the rally of the last week or so some pullback is to be expected. The fact that volume was higher today is not a good sign as you want to see higher volume on advances and lower volume on declines. The rally attempt is still in force and the market is struggling to produce a follow through. If one occurs we will have to see how well confirmed it is. Right now the chances of a well confirmed follow through seems remote. The beach is still the best place to be. Jerry