Leaders Index 2-26-26

The market mostly sold off today and lost much of yesterday’s gains. The major averages opened lower and sold off hard early. They saw some late buying and NASD averages finished in about the middle of their intraday trading ranges while the New York averages closed in the upper half of their trading ranges. The weakness was mostly in the tech stocks as the COMPQ and the NDX fell 1.18% and 1.16% respectively. The SPX lost .54%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks were mostly moderately lower on the day. The leaders index was about flat with a gain .06% on the session. The index closed in the upper half of its trading range on higher but below average volume. The market reversed much of the gains of yesterday. There was a follow through on the COMPQ yesterday, and today there is a distribution day on the same index. A distribution day so soon after a follow through is usually fatal. There were positives on the day. Small and mid-cap stocks were higher and market internals were positive. NVDA’s earnings were good, but not blowout. The stock sold off and took much of the tech sector with it. The picture looked better yesterday, but not as much today. Yesterday’s follow through may turn out to be a fake out, but there remain a lot of conflicting signals out there. We will have to see if the weekly Coppock signals in the coming week or two. Some exposure is ok, but the all clear is not yet out there. There will be no update tomorrow. Jerry