Leaders Index 12-10-21

The market rallied yesterday and closed with solid gains. The major averages opened mixed with the major averages going in different directions. The New York averages opened higher and mostly held the gains the rest of the day. The Nasd averages were lower early but regained their footing and rallied the rest of the session. Late strength saw all the major averages finish near the highs of the day. The New York averages led the way with the SPX higher by .95%. The COMPQ and the NDX gained .73% and 1.13% respectively. Volume was mixed. It was slightly higher by .85% on the New York and lower by 3.90% on the Nasd. Leading stocks were mostly lower on the day with the leaders index losing 1.78% on the day. Other ETF’s of leading growth stocks were lower as well. The leaders index closed low in its trading range on lower and below average volume. The CPI report came in yesterday before the open and while it was high it was lower than expected. This caused buying at the open and a generally positive session for the overall market. The major averages posted solid gains and the volume on the New York was fractionally higher, according to Esignal. The change was so small that other data feeds could have a different result. The SPX came close to producing a follow through but didn’t quite make it. The action of leading growth stocks was disappointing as they continued to show weakness in the face or rotation into value names. The major averages are showing some strength and right now we have to wait to see if there is a legitimate follow through. Jerry