Leaders Index 2-4-26

The market put in a negative session today. The major averages opened a bit lower and sold off most of the day. Some late buying saw the major averages finish off their lows, but still in the lower half of their intraday trading ranges. The NASD averages took the worst of it as tech continued weak. The COMPQ and the NDX fell 1.51% and 1.77% respectively. The SPX lost .51%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks were hit hard today. The leaders index lost 6.62% on the day in a wide price range. The index closed in the lower half of its trading range on higher and above average volume. The market continued its overall negative action today. The NASD averages were hit hardest with tech and AI stocks continuing their decline. GOOGL reported after the close, and is trading a bit higher right now, but that could change before tomorrow. The New York averages held up better and even showed some mild strength. Leading stocks really took it on the chin today, and that is bad. The fact that they were doing well was an encouraging factor. That may be going away. Right now it pays to be more defensive and preserve capital. Jerry