Leaders Index 7-25-22

The market put in a mixed performance today ahead of a big news week. The major averages opened mostly lower and didn’t change much during the day. The major averages closed in the middle of their trading range for the Nasd averages and high in its trading range on the New York averages. The COMPQ and the NDX fell .43% and .55% respectively. The SPX gained .13%. Volume was lower across the board. 11.45% on the Nasd and 11.98% on the New York. Leading stocks were higher with the leaders index gaining 4.02% on the day. Much of the gain was due the strength in energy stocks. The index closed high in its trading range on higher but still below average volume. The market was pretty much biding time today waiting for the results of earnings reports and economic news due out later this week. The next three days will see a half a dozen important tech stocks report and any one of them could strongly effect the market. The Fed announcement is due out on Wednesday, but it is likely to be 75 basis points, which is likely mostly baked in. The GDP report comes out this week and could tell us if we are in a recession. A couple of inflation numbers are also coming out. Any one of these could seriously effect the market. It will not be a boring week. Jerry