Leaders Index 1-7-20

The market put in a pretty quiet session today with little change in the major averages. After opening a bit lower the major averages traded most of the day near unchanged. Some late selling saw them finish with small declines. The New York averages were the weakest due to strength in some tech stocks. The SPX fell .28% while the COMPQ and the NDX declined .04% each. The major averages closed in the middle or slightly below the midpoint of their intraday trading ranges. Volume was lower across the board, declining 15.45% on the Nasd and 2.93% on the New York. Leading stocks made small changes as well, but they were slightly positive. The leaders index rose .14% on the day and closed high in its trading range. Volume was higher but slightly below average. The market basically treaded water today with the major averages having small losses. Nasd stocks were stronger, mostly to strong gains in the semiconductor stocks. The SOX was higher by 1.76%. Quality growth stocks are doing a little better lately. The new leaders index made small gains today and also saw new highs on both a closing and an intraday basis. The relative strength line of the leaders index also made a new high. In addition the FFTY saw a small gain today of .09%. The uncertainty due to possible retaliation in the middle east is making the market a little nervous, but doesn’t appear to be causing any real damage. Volume was lower as the major averages treaded water, so large institutional players were not selling stocks today. There may be some volatility due to the political situation, but the uptrend appears to be intact. Jerry