Leaders Index 1-3-22

The market staged a solid rally today. The major averages opened higher and after a little quick selling found a bottom and rallied into the close. All the major averages finished high in their intraday trading ranges. The COMPQ and the NDX were higher by 1.20% and 1.11% respectively. The SPX gained .64%. Volume was higher across the board, as would be expected after a session before a holiday. Volume was higher by 17.93% on the New York and 31.55% on the Nasd. Leading stocks didn’t keep up with the overall market. The leaders index declined .87% on the day. The index closed low in its trading range on higher and slightly above average volume. The market rebounded from its late year consolidation today and posted solid gains. Nasd and semiconductor stocks led the way. Quality growth stocks lagged today and most index of leading growth stocks were lower. It was the big cap stocks, mostly tech stocks that produced the gains in the major averages. The leaders index continued its recent consolidation but held above its short term 9dma support level. The market is continuing to work its way higher. I don’t know where it will go from here, but it appears that it is not ready to sell off yet. Jerry