Leaders Index 11-17-22

The market opened lower today after hawkish comments from a Fed governor. There were early losses but the market spent most of the remainder of the session recovering the losses. All the major averages closed lower but high in their intraday trading ranges with moderate declines. The COMPQ and the NDX fell .35% and .19% respectively. The SPX lost .31%. Volume was mixed. It fell 4.3% on the Nasd and rose .91% on the New York. The volume was close but this should be enough for a distribution day on the New York averages. Leading stocks were mixed to slightly higher. The leaders index rose .11% on the day and closed near its highs. The market was weak early on comments that the Fed still had further to go in raising rates. The market opened lower but worked its way higher from there. The close near the highs shows some support under the market. The rally is struggling at best and worthwhile gains are hard to come by. There seems to be a bid under the market and short term indicators are still headed higher, but a good deal of caution is warranted. Jerry