Leaders Index 9-27-23

The market bounced a little today, but it wasn’t much to speak of. The major averages opened higher but turned down as selling came in. There was some late buying and all the major averages finished high in their trading ranges. The COMPQ and the NDX were higher by .22% and .24%. The SPX was about flat with a gain of .02%. Volume was higher across the board. Leading stocks rallied today with the leaders index gaining 1.63% on the day. The index closed in about the middle of its trading range on slightly lower volume. The market continued weak action today. It tried to stage a nice bounce today but couldn’t. The last buying erased significant losses, but it was still a disappointing session overall. The market is still unable to stage any kind of decent rally after some serious selling. This is a sign of weakness and usually leads to lower prices. A large cash position is a good idea for now. Jerry