Leaders Index 12-3-20

The market showed some early strength but then spent the rest of the session giving up much of those gains. All the major averages closed in the lower half of their intraday trading ranges as late selling came in. The COMPQ and the NDX were higher by .23% and .09% respectively. The SPX declined .06%. Volume was pretty much flat as it was only a bit higher than yesterday. It gained 1.14% on the Nasd and .29% on the New York. Leading stocks were mixed but generally lower. The leaders index fell 2.00% on the day. It finished in the lower half of its trading range on lower and slightly below average volume. The market had some decent gains early, but much of those gains were lost before the close. All the major averages and the leaders index closed low in their trading ranges. Leading stocks are also beginning to underperform the overall market, as can be seen in the relative strength line of the leaders index and also the FFTY. The market is still holding up, but there are some yellow flags out there. The A’s minus E’s that I follow have turned down. This is only a secondary item but something to watch. Jerry