Leaders Index 11-13-19

The market put in an overall positive performance today. The major averages opened weak but quickly bottomed out and rallied to modest gains. It then sold off on trade news, but again quickly found a bottom and recovered most of the losses. This shows support under the market. The major averages finished little changed. The Nasd averages were slightly weaker with the COMPQ and the NDX both falling only .05%. The SPX was higher by .07%. All the major averages closed near the top of their intraday trading ranges, showing support as prices fell. Volume was mixed. It was up by 7.59% on the Nasd and lower by 1.24% on the New York. Leading stocks did better than the overall market with the leaders index gaining .47% on the day. The index closed in the upper half of its trading range and made a new closing high. Volume was slightly higher than yesterday. The market did pretty well overall today. The major averages recovered from two bouts of selling and finished about unchanged. I said yesterday that there might be some short term weakness and we may be seeing that as the market consolidated its recent move into new high ground. Leading stocks are acting better as well as can be seen in the outperformance of the leaders index and other indices of quality growth stocks. The new leaders index is acting well. It is a good cross section of leading stocks and has been rising strongly above its 9dma. These are likely to be among the first stocks to get hit when the market gets into trouble. We may continue to see some short term consolidation, but the weight of the evidence points to higher prices going into yearend. Jerry