Leaders Index 8-30-23

The market put in moderate gains after yesterday’s strong action. The major averages opened higher and mostly held the gains the rest of the session. All the major averages finished high in their intraday trading ranges. Volume was lower across the board, which is ok. Leading stocks were strong with the leaders index gaining 1.50% on the day. Since there was a follow through I created a new leaders index. It has 22 stocks in 15 different industries and I believe it is a good cross section of leading stocks. I have included a text file with the components of the new index. The index made a new high today and closed in the upper half of its trading range. Volume was lower and just below average. The action today was good. The major averages and leading stocks built on yesterday’s gains. All the major averages closed high in their trading ranges, which is a sign of support. Volume was lower than yesterday, which is also ok as prices kept rising. Right now this new rally attempt is off to a pretty good start. CRM reported after the close and the stock is trading higher in the aftermarket. There are some attractive stocks out there and it was not that difficult to put together the new leaders index. This is usually a good sign. As of now at least the short term looks like it will move higher. I will be away for the Labor Day holiday, the updates will resume next Tuesday. I hope everyone has a good holiday weekend. Jerry