Leaders Index 1-10-23

The market worked its way higher in a generally quiet session. The major averages bounced around little changed for most of the session before late buying came in and all the major averages finished high in their intraday trading ranges. The COMPQ and the NDX gained 1.01% and .88% respectively. The SPX rallied .70%. Volume was lower across the board, showing little buying pressure today. Leading stocks were higher as well with the leaders index gaining .88% on the day. The index closed high in its trading range on lower but above average volume. The market rallied moderately today with solid internals. Late buying saw a strong close. We remain in a rather weak rally but the short term indicators I look at are acting well so I would not be surprised to see the market move higher in the very short term. The SPX closed slightly above its 50dma today. I don’t however think that this will lead to a particularly impressive rally. The CPI report comes out before the open on Thursday and that is the next hurdle for the market. Jerry