Leaders Index 1-17-23

The market put in a positive session Friday that was followed by a pretty neutral session today. The major averages traded around the unchanged level most of the day before closing little changed. The Nasd averages were slightly higher with the COMPQ and the NDX gaining .14% each. The SPX declined .20%. Volume was higher across the board. This produced a distribution day on the New York averages. The Nasd averages finished in about the middle of their intraday trading ranges while the New York averages closed near the bottom of their trading ranges. Leading stocks were slightly higher on the day with the leaders index gaining .35% on the session. The index closed high in its trading range on higher and above average volume. The market is acting pretty well. A weak open on Friday after some disappointing earnings reports was reversed by the close. This was encouraging. The market paused today after recent strength and the SPX got its first distribution day, but it was a mild one. The market is acting fairly well right now. The action has been positive since the 1/6 follow through and the weekly Coppock is still on a buy signal. There are indicators building that would suggest that we are close to the end of this bear market and are getting close to the beginning of a new cyclical bull market. In my year end report I said that the bottom looked like it would come in the second or third quarter this year. It is now looking more like it could be in the first quarter, the second quarter at the latest. This could always change but the signals are getting stronger. I think 2023 will be a good year. Jerry