Leaders Index 6-5-23

After a strong couple of days the market took a bit of a rest today. The major averages opened mixed but traded higher early in the day. They reversed lower and lost the gains and closed with modest losses. All the major averages finished low in their intraday trading ranges. The Nasd averages were the strongest with the COMPQ finishing with a loss of only .09%. The NDX was higher by .07%. The SPX fell .20%. Volume was lower across the board, showing that there was not a lot of selling pressure. Leading stocks were pretty flat as well with the leaders index off by .09% on the session. The index closed in the upper half of its trading on about flat volume. The market has been strong in the last few days and seemed to take a rest today. The reversal of early gains was not a good sign but there were some supportive signs as well. After a solid advance the market held up pretty well today. The action today was accompanied by lower volume, showing that large institutional players were not heavy sellers today, also a good sign. The stocks that have been leading the rally and the Nasd averages that they mostly make up are getting a little extended. If you are in the right stocks or ETFs you have done pretty well so far this year. It might be time to start thinking about protecting some of those gains. Jerry