Leaders Index 12-9-25

The market had another quiet session as we wait for the Fed tomorrow. The major averages opened mixed and traded around unchanged most of the day. They closed mixed with the COMPQ and the NDX gaining .13% and .16% respectively. The SPX lost .09%. The NASD averages finished high in their intraday trading ranges while the New York averages finished low in theirs. Volume was lower across the board. Leading stocks were mixed as well. The leaders index gained .16% on the day. The index closed in the lower half of its trading range on lower and below average volume. It remains just below its 50dma. The market never got to far from unchanged today as it waits for the Fed tomorrow. The lower volume showed that large institutional players were sitting it out today. In addition to the Fed there are a couple of important earnings reports coming out this week, starting with ORCL tomorrow after the close. Right now the rally is looking pretty good. The Fed will almost certainly cut be 25 basis points tomorrow, and a lot of that may already be in the market. The wild card is Powell’s press conference. You never know what he will say. If he is hawkish and seems to throw cold water on further rate cuts early next year the market could sell off. It will be an interesting day. Jerry