Leaders Index 5-10-22

The market staged a fairly weak rebound from yesterday’s decline. After a strong open the major averages lost all the gains and moved into negative territory. After rallying back the major averages finished with modest gains. The Nasd averages were the strongest with the COMPQ and the NDX gaining .98% and 1.30% respectively. The SPX gained .25%. All closed in the lower half of their intraday trading ranges. Volume was mixed. It gained 5.46% on the Nasd and declined 1.16% on the New York. Leading stocks were moderately higher as well with the leaders index gaining 1.27% on the day. The index closed in about the middle of its trading range on slightly lower volume. The bounce we saw today was pretty weak compared to yesterday’s decline. The major averages were very volatile and it was an uneven session. You would like to see a strong rebound after the big decline that we have seen recently, but it is not happening. Markets that can’t rebound after a big decline are likely to continue to go lower. I don’t think this one will be any different. The CPI report comes out before the open tomorrow and the PPI comes out on Thursday. They will set the tone for the next day or two. Either way this bear is not over. Jerry