Leaders Index 7-13-23

The market continued its positive action today as the PPI report also came in below expectations. The major averages opened higher and mostly worked their way up the rest of the day. All the major averages finished high in their intraday trading ranges with the Nasd averages leading the way. The COMPQ and the NDX gained 1.58% and 1.73% respectively. The SPX was higher by .85%. Volume was slightly lower across the board. Leading stocks had a strong session as well with the leaders index gaining 2.54% on the day. The index closed high in its trading range on lower but still above average volume. This is a new high for the index on both a closing and an intraday basis. The relative strength line of the leaders index also made a new high. The market continued to rally as the PPI confirmed yesterday’s CPI report showing that inflation is moderating. The major averages continue to advance past the recent consolidation they have been in and made new highs for the rally. The rally is clearly broadening out as small and mid-cap averages are showing strength. We are also seeing a good number of attractive stocks breaking out and producing gains. At this point breakouts are working, which is a good sign. The rally is in good shape and we should see higher prices. Jerry