Leaders Index 11-12-21

The market put in a solid performance yesterday. The major averages opened higher and after a little selling mostly rallied into the close. All the major averages finished at their intraday trading highs, a sign of strength. The COMPQ and the NDX were higher by 1.00% and 1.04% respectively. The SPX rallied .72%. In another positive development volume was higher across the board. It gained 19.08% on the Nasd and 7.22% on the New York. Leading stocks rallied as well with the leaders index gaining 1.48% on the day. The index closed high in its trading range and regained its 17dma. Volume was lower and below average. The market put in a good rebound after Thursday’s mostly disappointing action. The major averages rallied most of the day and closed strong at their highs of the day. Higher volume confirmed the advance and showed that large institutional players were buying stocks yesterday. This is the kind of action you want to see as the market recovers from a pullback. Now the market will hopefully continue higher and take out its recent highs. Overall the rally appears to be on solid ground and we should move higher from here. Jerry