Leaders Index 9-12-25

The market had a mostly down session yesterday. The major averages opened a bit higher and then diverged. The NASD averages led the way with the COMPQ and the NDX gaining .44% and .42% respectively. They closed high in their intraday trading ranges. The SPX lost .05% and closed in the lower half of their intraday trading ranges. Volume was lower across the board. Leading stocks were mixed on the day. The leaders index was about flat with a decline of only .01%. The index closed in about the middle of its trading range on higher but below average volume. The market mostly took a rest yesterday. The NASD averages advanced but almost everything else sold off moderately. Market internals were negative yesterday, but on Thursday the NYSE advance decline line set a new high, confirming the new high in the SPX. Earnings season is pretty much over and the market reacted well overall to the inflation reports last week. Next week is the Fed meeting. A 25 basis point cut is pretty much baked in, but a larger cut is possible. The market is acting pretty well overall right now, but a pause after its recent advance would not be detrimental. The market is still acting well and being heavily invested is warranted. Jerry