Leaders Index 2-11-26

The market was mixed today with a slightly negative tilt. The major averages opened with nice gains, but quickly lost them. Selling came in and the market went to negative territory. After bouncing around the major averages finished with small losses and mostly low in their intraday trading ranges. The COMPQ and the NDX were split with the COMPQ losing .16% and the NDX higher by .29%. The SPX was basically flat. Volume was higher across the board. Leading stocks had a good session. The leaders index gained 2.73% on the day. The index closed high in its trading range on higher and about average volume. The market started out with good gains after a well-received employment report. The gains didn’t last long as selling came in and drove the market into negative territory. The major averages just bounced around after that and closed with modest losses, except for the NDX, which had small gains. Market internals were a little positive and leading stocks continue to outperform. The employment report ended up having little effect on the market and the CPI report comes out on Friday. The market continued to struggle right now and could still go either way. A good degree of caution is warranted. Jerry