Leaders Index 9-2-21

The market put in a similar session to yesterday’s. There was strength early and some selling coming in late. The major averages opened higher and mostly worked their way lower from there. A chunk of the early gains were lost but all the major averages finished in positive territory. The New York averages were the strongest with the SPX gaining .28% on the day. The COMPQ was higher by .14% while the NDX fell .05% as there was some weakness in big cap tech stocks. The New York averages finished in about the middle of their intraday trading ranges while the Nasd averages closed low in their trading ranges. Volume was lower across the board. It fell 5.49% on the Nasd and 7.06% on the New York. Leading stocks again did better than the overall market with the leaders index gaining .56% on the day. Other ETF’s of quality growth stocks did well. The index closed in about the middle of its trading range on lower volume. The market continued its quiet action today as it consolidates its recent advances in an overall constructive manner. The SPX and the COMPQ made new highs today even after late selling. Volume was lower today, which is what you want to see as the market consolidates. It shows that large institutional players were not selling stocks heavily today. The recent outperformance of quality growth stocks and the small and mid-cap averages is encouraging action. We seem to be taking a little break right now, but the overall picture remains positive. The employment report will come out before the open tomorrow and that will set the tone, at least early. Jerry