Leaders Index 6-16-20

The market opened higher today on good economic news and reports of a promising treatment for severe Covid cases. The major averages gapped higher at the open and spent the remainder of the session mostly holding on to the gains. They worked their way lower after the open but still closed with solid gains. The advances were pretty evenly divided with the COMPQ and the NDX gaining 1.75% and 1.76% respectively. The SPX rallied 1.90%. All the major averages finished in the upper half of their intraday trading ranges, a good sign. Volume was slightly higher across the board. It was up by 4.81% on the Nasd and 1.35% on the New York. It is encouraging to see higher volume as prices rise. Leading stocks rallied as well with the leaders index gaining 1.10% on the day and closing high in its trading range. This is a new high for the leaders index on both a closing and an intraday basis. Volume was higher and just below average. The market put in another solid session today. It had its highs early but held most of the gains throughout the session. The gains were strong and well divided among the major averages. They all closed high in their trading ranges and volume was higher. This is positive action. The Summation Index has turned up but the A’s minus E’s are still headed down. Leading stocks continue to act well. The leaders index made new highs today, although the gain was less than the overall market. The market is still acting like it wants to go higher and we will likely see the major averages make a run for their recent highs. Jerry