Leaders Index 2-14-20

The market put in a fairly uneventful session yesterday. After opening a bit lower the major averages traded around unchanged most of the day before closing with small gains. The advances were pretty evenly divided with the COMPQ and the NDX higher by .20% and .29% respectively. The SPX gained .18%. All the major averages finished at or very near their intraday trading highs, a sign of support. Volume was lower across the board with the New York volume off by 1.15% and the Nasd volume lower by only .63%. Leading stocks traded about in line with the overall market. The leaders index gained .20% and closed high in its trading range. This was a new high for the index on both a closing and an intraday basis. It was not really a convincing move into new highs ground. Volume was lower and below average. The market spent the day in a fairly indecisive pattern that showed little conviction in either direction. This is not unusual before a three day weekend, especially with the coronavirus hanging out there. Many market participants did not want to take positions before a long weekend. Overall the action of the market yesterday was ok. The leaders index went into new high ground, but the move didn’t have a lot of conviction. The major averages are holding recent gains in a constructive manor. The trend still appears to be up and barring some unexpected bad news we should go higher in at least the short term. Jerry