Leaders Index 1-23-26

The market had a mildly negative session yesterday. The major averages saw some early strength , but it was mostly lost by the end of the day. All the major averages finished in about the middle of their intraday trading ranges. The NASD averages were the only ones to close with gains. The COMPQ and the NDX gained .28% and .34% respectively. The SPX was about flat with a gain of .03%. Volume was lower across the board. Leading stocks were mixed to somewhat lower. The leaders index fell 1.24% on the day. The index closed high in its trading range on higher and above average volume. The market mostly sold off yesterday, but it wasn’t a strong decline. The declines were mostly moderate, although the small and mid-cap stocks that have been leading lately took a bigger hit. Market internals were negative and the equal weighted ETFs of the major averages were lower. Overall it was not to bad a session and it closed a volatile week. Next week will be active as it is the most important week of earnings season with several potential market moving earnings reports coming out from mag 7 companies. It is also an active week in economic news and Fed news. The rally remains on solid ground, although next week could be a bit of a roller coaster ride. Jerry