Leaders Index 1-12-22

The market was little changed today but had a slightly positive bias. The major averages opened higher and posted early gains. The gains were not held long and the major averages traded mostly sideways the rest of the session. The gains were pretty evenly divided with the COMPQ and the NDX higher by .23% and .38% respectively. The SPX gained .28%. All the major averages finished in the lower half of their intraday trading ranges. Volume was lower across the board. It fell 12.97% on the New York and 2.74% on the Nasd. Leading stocks did a little better with the leaders index gaining .50% on the day. The index closed in about the middle of its trading range on lower and below average volume. It tagged a confluence of its 9dma and 17dma but was turned back. The inflation numbers that came out today were high but slightly below expectations. This may have caused the early positive action, but much of those gains were lost. This is a very difficult market as on Monday morning it looked like there would be a correction and just two days later the market has rallied at least partially regain the losses. We are in a trendless market right now that reverses itself before any real move can take place. If you are a very sort term trader you might be able to make a little money in this environment, other wise staying out of the way might be a good idea. Jerry