Leaders Index 5-15-23

The market put in a moderately positive session today. After some early weakness the major averages found a bottom and worked their way up most of the remainder of the day. All the major averages finished high in their intraday trading ranges. The Nasd averages were stronger with the COMPQ and the NDX gaining .66% and .55% respectively. The SPX gained .30%. The small caps and semiconductor stocks saw the greatest moves. Volume was lower across the board. Leading stocks were higher as well with the leaders index gaining 1.13% on the day. The index closed in the upper half of its trading range on higher but below average volume. The market did pretty well today. There was early weakness but buying came in and the major averages finished strong and with solid gains. There seems to be a bit of a bid under the market as it seems to be working its way higher in a fairly labored fashion. We have had a few days now of small to moderate gains with strong finishes. The is usually a sign of some strength. It doesn’t look like the market is ready for a strong advance, but right now it seems to be trying to move higher. Jerry