Leaders Index 1-14-26

The market had a real pullback today. The major averages opened lower and sold off early. Some strength later in the day saw the major averages finish in the upper half of their intraday trading ranges. The COMPQ and the NDX fell 1.00% and 1.07% respectively. The SPX declined .53%. Volume was higher across the board ,producing a distribution day on all the major averages. Leading stocks sold off as well. The leaders index fell 1.39% on the day. The index closed in about the middle of its trading range on lower but above average volume. The chart of the leader’s index still looks good. The market had an overall down session today, but it was mostly in big cap tech stocks and financials. Some bank earnings were not particularly well received and that caused some selling. Tech stocks were weak and caused the NASD averages to underperform. It wasn’t a completely negative session today. Late strength saw the major averages close in the upper half of their trading ranges, which is positive. Market internals were also positive with advancing volume and issues beating declines on both exchanges. Today’s action was not fun, but rallies don’t go straight up and always have some corrective action. Right now the overall picture remains encouraging. Jerry