Leaders Index 12-8-25

The market pulled back today in fairly mild action after last week’s advance. The major averages opened higher and then mostly worked their way lower during the day. All the major averages finished in the lower half of their intraday trading ranges. The COMPQ and the NDX fell .14% and .25% respectively. The SPX fell .35%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks were mixed today. The leaders index gained .53% on the day. The index closed in the upper half of its trading range on about flat volume. The index remains just below its 50dma. The market lost early gains today, but the action was pretty mild. The declines in the major averages were pretty small when compared to last weeks advance. Volume was lower on the New York which had the largest decline and the COMPQ avoided distribution due to its small decline. Today’s action overall wasn’t too bad. There was a strong rally last week so some sort of pullback is not unexpected. The fact that the declines were small and there was no distribution is good. Tomorrow is also likely to be a quiet day as few would want to take real positions right before the Fed announces its decision. Wednesday the Fed is very likely to cut by 25 basis points. This may be priced in. Powell’s press conference after that is a wild card. If he sounds very hawkish it could cause a sell off. Wednesday will likely not be a quiet day. Jerry