Leaders Index 6-6-23

The market put in a solid session overall today. The major averages opened lower but spent the rest of the session recovering the losses and finishing with moderate gains. All the major averages closed high in their intraday trading ranges. The COMPQ and the NDX gained .36% and .01% respectively. The SPX rallied .24% on the day. The small and mid-cap stocks showed real strength with both averages up over 2% on the day. Volume was higher across the board, showing increased buying interest. Leading stocks rallied on the day with the leaders index gaining 1.45% on the day. The index closed high in its trading range on lower and below average volume. This was a closing high for the leaders index. The market put in a strong session today. The relatively small moves in the major averages masked strong market internals and big up moves in the small and mid-cap sectors. This was overall an encouraging session. The short term trend clearly looks to be higher, but I don’t know how long the trend will last. We are a little extended, but there is strength and the market could well go higher in the short term. There is a lot of news next week that will effect the market. I will be away for a few days. The updates will resume next week. Jerry