Leaders Index 3-23-23

The market put in a volatile session today. The major averages opened higher and rallied to solid gains. Selling came in and almost all of the gains were lost. Late buying came in and the major averages finished with moderate gains but low in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ and the NDX gaining 1.01% and 1.29% respectively. The SPX was higher by .30%. Small and mid-cap stocks were lower. Volume was mixed, lower on the Nasd and higher on the New York. Leading stocks were higher as well with the leaders index rallying 1.32% on the day. The index closed in the lower half of its trading range on higher and above average volume. The market tried to rally today and was off to a good early start. It looked for a while like there would be a follow through. Selling came in and all the major averages moved into negative territory, losing all the gains. Yellen spoke about backstopping banks if needed and the market rallied to moderate gains at the close. The market looks like it is trying to rally, but is struggling. We almost got a follow through, but if one came today it would be poorly confirmed. There are some positive signs like a few stocks breaking out and doing alright. I think we are in a bottoming process and may well have seen the absolute lows, but the market doesn’t seem like it is ready for a sustained rally. Expect more choppy action in the short term. Jerry