Leaders Index 11-7-22

The market staged a solid rally today, at least on a price basis. The major averages opened higher and after some sideways action buying came in and all finished near their intraday trading highs. The COMPQ and the NDX gained .85% and 1.11% respectively. The SPX rallied .96%. Volume did not cooperate. It was lower across the board, declining 3.72% on the Nasd and 3.76% on the New York. Leading stocks had a good session as well. The leaders index rallied 1.61% on the day and finished high in its trading range. Volume was lower but still above average. You would expect a bit of caution the day before the election but the major averages put in some good price gains. Maybe it is looking forward to a divided government. The current rally is still in force, but it is struggling at best. Few stocks have produced really meaningful gains and many breakouts have failed. The election tomorrow and the CPI report on Thursday should have a lot to do with the short term action of the market. You never know what the market will ultimately do, but this rally so far has not lit any fires. Jerry