Leaders Index 10-28-21

There was no update yesterday as I spent the whole day at the hospital with my wife. The action of the market today was strong. After two weak days of low closes the major averages finished strong today. All the major averages closed near their intraday trading highs. The Nasd average were stronger with the COMPQ and the NDX gained 1.39% and 1.15% respectively. The SPX rallied .88%. Volume was lower across the board. It fell 7.73% on the Nasd and 1.11% on the New York. It would have been better if volume was higher as prices advanced but it was still a solid session. Leading stocks were strong also with the leaders index rallying 5.51% on the day. The index closed high in its trading range and volume increased a lot and was above average. We had a couple of reversal days on Tuesday and Wednesday with the major averages losing early gains and closing weak. This was not enough to change the overall picture, but it was enough to make one a little queasy. Today changed that. There were solid gains and the major averages closed strong. The major averages all made new highs today along with the leaders index. This shows strength in the overall market and leading stocks and is a positive sign. It would have been better to see higher volume on the major averages, but it was still an encouraging session. The leaders index made new highs on heavy volume, showing positive action in quality growth stocks. AAPL and AMZN reported earnings after the close and both missed expectations. The major Nasd averages are lower in after market trading, but not by much. The rally still appears to be on solid ground and we should see higher prices ahead. Jerry