Leaders Index 2-3-21

The market put in an overall quiet session today and closed little changed. The major averages opened mixed with the Nasd averages higher and the New York averages about unchanged. The major averages closed close to their opening prices with the SPX higher by .10% while the COMPQ and the NDX were lower by .02% and .41%. All the major averages finished low in their intraday trading ranges as late selling came in. Volume was mixed. It was lower by 13.10% on the New York and higher by 3.21% on the Nasd. Leading stocks were had an overall positive session with the leaders index gaining 1.79% on the session. The index closed high in its trading range and volume was about unchanged. The market took a rest today after a couple of days of advances. The Nasd averages came very close to their intraday highs of 1/25 but sold off into the close. The New York averages remain a small distance below their recent highs. Leading stocks are acting a bit better than the overall market. The leaders index made a new high today on a closing basis but not an intraday basis. The relative strength line of the leaders index made a new high. The outperformance of leading stocks is an encouraging factor for the market. You rarely see big corrections when leading stocks are outperforming. This would suggest that the major averages are likely to move into new high ground before there is a meaningful decline. Jerry