Leaders Index 11-8-22

The market continued its pre election rally today. The major averages rallied early and after some selling came in but they then rallied again late. The major averages finished in the upper half of their intraday trading ranges. The COMPQ and the NDX gained .49% and .75% respectively. The SPX added .56%. Volume was higher across the board. It gained 15.77% on the Nasd and 5.73% on the New York. Leading stocks rallied as well with the leaders index gaining 1.13% on the day. The index closed high in its trading range on lower and below average volume. This was a new closing high for the index on both a price and a relative strength basis. The market was volatile today but closed with decent gains. The rally continued today as both bond yields and the dollar declined. The market seems to be expecting a divided government to come from the election and that is usually positive for the market. We will have to see how the final results come in, but the market is moving higher even though it is a tough rally. Jerry