Leaders Index 10-26-21

The market started off strong today, but reversed lower and most of the gains were lost by the close. All the major averages finished the session near their intraday trading lows. They still closed with small gains with the COMPQ and the NDX were higher by .06% and .29% respectively. The SPX was higher by .18%. Volume was mixed. It was lower by 10.92% on the New York and higher by 24.66% on the Nasd. There was stalling action in the New York averages today. Leading stocks were generally lower on the day. The leaders index fell 1.84% and closed in about the middle of its trading range. Volume was higher and about average, showing large institutional players were selling leading growth stocks today. The action of the market was disappointing today. Early gains were lost and all the major averages finished the session near their lows. The Nasd averages almost made new highs before the selling came in and the New York averages did make new highs, even with the late selling. More earnings reports after the close don’t seem to be having much effect as the futures are about unchanged at the time of this writing. The reversal today was not good but it didn’t change the overall positive picture. There are still more important earnings reports coming out later this week and we will have to see how they effect the market. The major averages may consolidate here as they try to move into new high ground, but the overall trend is still encouraging. Jerry