Leaders Index 1-12-26

The market put in another positive session today with moderate gains in the major averages. After opening lower on news the major averages quickly found a bottom and rallied most of the remainder of the day. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained .26% and .08% respectively. The SPX was higher by .16%. Volume was mixed, higher on the NASD and lower on the New York. Leading stocks had a very strong session. The leaders index gained 2.90% on the day. The index finished high in its trading range on lower but above average volume. This is a new high for the index on both a price and a relative strength basis. The market continued to work its way higher today with moderate gains in the major averages but stronger gains in secondary averages and leading stocks. Many of the major and secondary averages made new highs today, with only the NASD averages still lagging. Today’s action was positive all around. The A/D line of the NYSE made another new high, showing broad strength. The market is acting well and leading stocks are acting pretty well. Recent breakouts seem to be struggling a bit, but baskets of leading stocks are acting well. The new leaders index is strong. There is a lot of economic and earnings news coming out in the next few days, starting with CPI tomorrow. Hopefully the news will be market friendly. Jerry