Leaders Index 1-11-23

The market continued to rally today in anticipation of a favorable CPI report. The major averages opened higher and worked their way up most of the day. Late strength saw all the major averages finish near their intraday trading highs. The COMPQ and the NDX gained 1.76% each and the SPX was higher by 1.28%. Volume increased across the board, making today an accumulation day. Leading stocks were higher as well but under preformed the overall market. The leaders index gained .28% on the day and closed in about the middle of its trading range. Volume was higher and above average. The market rallied all day in the hopes of a friendly CPI report. It is clearly discounting a positive report and has moved higher because if this. If the report comes in as expected much of the positive response may already be in the market. If it is not as friendly as expected the market could take a hit. Both the COMPQ and the SPX rallied above their respective 50dma’s today. Tomorrow’s report will set the tone for trading tomorrow. Jerry