Leaders Index 1-24-23

The market pulled back mildly today after a couple of days of solid gains. The major averages opened a bit lower and mostly bounced around unchanged all day. They closed with modest declines and finished in the upper half of their intraday trading ranges. The COMPQ and the NDX fell by .27% and .22% respectively. The SPX was essentially flat with a decline of only .07%. Volume was lower across the board, so there was no distribution today. Leading stocks were little changes as well. Since CPRX was hit so hard yesterday I dropped it from the leaders index. The index was higher today by .09% on lower and below average volume. The market acted pretty well today. After some recent gains the market took a break today and showed modest declines on lower volume. This is constructive action. Large institutional players were not heavy sellers today and the major averages finished nicely in their trading ranges. MSFT reported after the close and the announcement is drawing mixed reviews at the time of this writing. The market is acting ok right now and the earnings reports coming out and economic reports later this week will set the tone. Jerry