Leaders Index 1-9-26

The market put in a strong session yesterday. The major averages opened moderately higher and after a little early weakness rallied for the rest of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .81% and 1.02% respectively. The SPX rallied .65%. Volume was mixed, lower on the New York and higher on the NASD. Leading stocks had a very strong session. The leaders index gained 4.79% on the day. The index closed high in its trading range on higher and above average volume. This is a new high for the leaders index on both a price and a relative strength basis. The market is acting well right now and it seems the rally is gathering strength. There were new highs yesterday in all the New York averages. Several of the secondary averages, such as the MID and RUT also made new highs. The A/D line of the NYSE also made a new high yesterday. It would be very encouraging if the NASD averages were to join them. Next week will see some important economic reports coming out and earnings season kicks off next week as well. Right now the rally looks like it is on track and if earnings cooperate we should see higher prices ahead. Jerry