Leaders Index 10-21-24

The market put in a mixed session today, but it was overall slightly negative. The major averages opened lower and rallied and sold off most of the day before late strength saw all the major averages close high in their intraday trading ranges. The NASD averages finished positive with the COMPQ and the NDX gaining .27% and .18% respectively. The SPX lost .18%. Volume was higher across the board. Leading stocks were a bit weaker with the leaders index falling .10% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market was negative overall today, although the NASD averages and the semiconductor stocks showed modest gains. Market internals were weak with declining stocks much greater than advancing issues. The market has been going sideways for about a week as it consolidates recent gains. So far the consolidation seems to be constructive. The market may need something to get it moving higher again, and good earnings reports could be a catalyst. The rally remains on solid ground right now and should work its way higher. Jerry