Leaders Index 5-9-23

The market traded lower today on mixed volume. The declines were moderate and all the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .63% and .68% respectively. The SPX declined .46%. Volume was mixed, higher on the New York and lower on the Nasd. This produced a new distribution day on the New York averages. Leading stocks were mixed to lower. The leaders index took a hit as a couple of components were hit pretty hard. The index fell 2.47% in the day and closed low in its trading range. It also closed below its 50dma support level. The market mostly traded sideways today with a moderate downward bias. The debt limit meeting ended without any agreement, which was to be expected. These things are always decided at the last minute in a game of chicken. The market is likely to continue in a trading range with large moves in both directions bases on news. I think the trading range will continue for a while and it is likely to be a frustrating back and forth market in which it is difficult to make any meaningful gains. At least there is nice beach weather right now. Jerry