Leaders Index 10-22-18

The market tried to rally early today, but once more its didn’t manage to hold the gains. The major averages saw their gains early and spent most of the session working their way lower. The New York averages were the weakest as they closed near the bottom of their intraday trading ranges. The Nasd averages were a little stronger but they closed in the lower half of their trading ranges. The COMPQ and the NDX were higher by .26% and .48% respectively. The SPX was lower by .43%. Volume was lower across the board, showing less activity by large institutional players. Leading stocks were generally higher, but didn’t show a lot of punch. The leaders index gained .46% and closed in about the middle of its trading range. Volume was lower and below average. The action of the market and quality growth stocks today didn’t do much to improve the picture. It looked early on like there would be good gains in the major averages and even some individual stocks, but the gains were again not held. The leaders index was higher but looking at the chart it looks like a pretty weak move. It remains below all its moving averages(except the 200dma) and it showing little sign of life. The major averages don’t look any better. There are some earnings reports later this week coming from major Nasd stocks and they may provide some boost, but there are few encouraging signs out there right now. Jerry