Leaders Index 1-15-20

The market put in a mixed session today. The major averages opened higher and had a decent rally going early. All the major averages made new intraday highs. The signing of the China trade deal may have sparked the early strength, but in a possible sell the news reaction the major averages sold off and lost much of their gains. The COMPQ and the NDX finished higher by .08% and .02% respectively. The SPX gained .19%. All the major averages closed in the lower half of their intraday trading ranges, showing the late selling. Volume was mixed. It was higher by 5.59% on the New York and lower by 3.11% on the Nasd. Leading stocks were a bit weaker today with the leaders index falling .28% on the day. It closed in about the middle of its trading range and volume was lower and well below average. The index traded below its short term 9dma support level but closed above it. The action of the market today was a little disappointing as solid early gains were mostly lost. This could have easily been a sell the news reaction to the actual signing of the China trade deal as some of the recent rally was due to anticipation of the deal. All the major averages made new intraday highs today and there were closing highs in some New York averages. We also saw new highs in small and midcap stocks today, confirming the highs in the major averages. This is positive. The overall picture is still positive and we should see more gains in at least the short term. Jerry