Leaders Index 2-10-20

The market put in a good session today. The major averages opened lower but bottomed out in the first five minutes and rallied the remainder of the day. Late strength saw all the major averages finish at their intraday trading highs, a sign of strength. The Nasd averages led the way with the COMPQ and the NDX gaining 1.13% and 1.23% respectively. The SPX was higher by .73%. Volume was lower across the board. It fell 9.48% on the New York and 4.94% on the Nasd. Leading stocks had a solid session as well. The leaders index rose .83% on the day. The index closed high in its trading range and volume was higher and well above average. A 7.33% decline in BOOT held the index back. The action of the market today was encouraging. All the major average made new highs on both a closing and an intraday basis. This shows a lot of strength. The volume was the only negative. You want to see new highs on stronger volume, but just one day isn’t that big a deal. Leading stocks did well today as well. This is encouraging. You want to see quality growth stocks rally along with the market. This is the main item to watch now. It would be encouraging to see the leaders index move into new high ground with conviction. The fact that we saw a weak open that quickly turned around and closed strong shows a lot of strength. The market is acting like it wants to go higher. Jerry