Leaders Index 1-22-26

The market continued its post Greenland rally today. The major averages opened higher and mostly go sideways until some late selling saw the major averages finish off their highs, but still with nice gains. The NASD averages closed in the upper half of their intraday trading ranges. The New York averages closed in the lower half of their trading ranges. The COMPQ and the NDX gained .91% and .76% respectively. The SPX rallied .55%. Volume was mixed, lower on the New York and flat on the NASD. Leading stocks had a positive session as well. The leader’s index gained 1.18% on the day. The index closed high in its trading range on lower but above average volume. The market did pretty well today, despite the late selling. The NASD averages joined the other major averages in retaking their 50dma’s as well as shorter term moving averages. Market internals were strong again today and the equal weighted ETFs of the major averages showed nice gains. We are also seeing the rally broaden out as small and mid-cap stocks are outperforming the mostly big cap averages. The market has recovered most of the losses from Tuesday and is acting well. It would be encouraging to see new highs in the major averages, particularly the NASD averages, but right now the market looks ok. Jerry