Leaders Index 11-17-20

The market took a break today with the major averages posting small declines. The major averages opened lower and rallied for a while before a little late selling came in. The New York averages closed in the upper half of their intraday trading ranges while the Nasd averages finished I about the middle of their trading ranges. The COMPQ and the NDX fell .21% and .30% respectively. The SPX declined .48%. Volume was mixed. It fell 8.65% on the New York and rose a small .96% on the Nasd. This is such a small amount that other data feeds could have different results. Leading stocks were slightly higher with the leaders index gaining .60% on the session. The index closed just below the middle of its trading range on lower but still heavy volume. The market was generally weaker today, but the losses were pretty small compared to recent gains. The charts of the leaders index and the major averages still look good and the distribution count is still moderate. The market isn’t making a lot of progress and few stocks are producing big gains. It still seems to be a fairly weak rally that isn’t doing that much. The recent rotation is another issue as growth stocks and tech stocks are generally lagging. We will have to see how this plays out, but I don’t think this will go down as a particularly strong rally. Jerry