Leaders Index 2-19-26

The market had a moderately negative session today. The major averages opened lower and mostly worked their way down from there. Some late buying saw the major averages finish in the upper half of their intraday trading ranges, but still with losses. The COMPQ and the NDX fell .31% and .41% respectively. The SPX lost .28%. Volume was mixed, higher on the New York and lower on the NASD. This produced a distribution day on the New York averages. Leading stocks were mostly higher on the day. The leaders index gained 1.39% on the session. The index closed high in its trading range on higher but below average volume. The market was generally lower today, except for small and Mid-cap stocks. We remain in this sideways action that isn’t producing meaningful moves in either direction. Market internals were very close today, but slightly on the downside. Today’s action didn’t really change the overall picture. The major averages remain below their important moving averages. It remains a difficult market, as all sideways markets are, and a defensive posture is called for. Jerry