Leaders Index 5-12-23

The market put in an overall negative session yesterday. The major averages opened higher but selling quickly came in and the early gains were lost. Late buying came in and all the major averages closed in about the middle of their intraday trading ranges. All the major averages finished with moderate declines with the Nass averages leading the way. The COMPQ and the NDX fell .35% and .37% respectively. The SPX fell .16%. Volume was lower across the board, showing that large institutional players were not heavily selling yesterday. Leading stocks were lower as well with the leaders index falling .41% on the day. The index closed in about the middle of its trading range on lower and below average volume. The market continued the mostly sideways action that we saw most of the week. There were a few new actionable stocks but they continue to produce little in the way of meaningful gains. The earnings season is mostly done and summer is approaching. I still believe that we will see mostly sideways action for a while before the market is ready for a sustained rally. Jerry