Leaders Index 11-29-23

The market started out strong today but quickly sold off. The major averages opened with solid gains but reversed lower and declined into the close. All the major averages finished near the bottom of their intraday trading ranges. The losses were small with the COMPQ and the NDX falling .16% and .14% respectively. The SPX declined .09%. Volume was higher across the board, but the small losses avoided distribution. Leading stocks did better with the leaders index gaining .32% on the day. The gains would have been more if not for an 11.82% decline in JBL. The index closed in the upper half of its trading range on higher and above average volume. The index also bounced off its short term 9dma. The market had a nice rally going early today but it quickly reversed. There were some hawkish statements from a couple of Fed officials and the market sold off. It is never fun to lose early gains but the damage was limited. The declines were to small to qualify for distribution, but the INDU did look a bit like stalling. The COMPQ and the SPX looked like they were going to break above the recent consolidation but couldn’t hold the gains. There will be an important inflation report out tomorrow that will effect trading if it deviates from expectations. Small and mid-cap stocks did better today and that is good. There was little real damage done with the reversal today and the rally appears to be on track. Jerry