Leaders Index 10-12-21

The market put in an overall negative session today. After opening slightly higher the major averages spent most of the day little changed from yesterday’s close. Late selling came in again and all the major averages finished near the bottom of their intraday trading ranges. The COMPQ and the NDX fell .14% and .35% respectively while the SPX declined .24%. Volume was mixed. It was higher by 13.45% on the Nasd and lower by 1.39% on the New York. The decline in the COMPQ was to small to qualify so there was no new distribution today. Leading stocks did better than the overall market with the leaders index gaining .96% on the day. The index closed high in its trading range on higher but well below average volume. The market continued its mostly weak action today. The major averages traded near the unchanged level most of the day, but for the third day in a row late selling saw them close near their lows. This is weak action. Since the rally attempt began last week the market has pretty much gone nowhere. There has been no follow through, and while there could be one any day the action of the market does not give one a lot of confidence. The weekly Coppock is about two weeks away from being in position to give a signal and if there was a follow through in the next couple of weeks this important indicator would at least be in a position to confirm it, increasing confidence in the success of a follow through a lot. Earning season kicks off tomorrow with mostly bank earnings reports and the next couple of weeks will be effected strongly by the results of the earnings reports. Jerry