Leaders Index 2-2-23

The market rallied today after META’s strong earnings report. The major averages opened higher and after a little weakness mostly worked their way higher most of the session. All the major averages finished high in their intraday trading ranges. The Nasd averages led the way due to strength in large tech stocks. The COMPQ and the NDX gained 3.25% and 3.56% respectively. The SPX gained a healthy 1.47%. Volume was higher across the board, again showing that large institutional players were buying stocks today. Leading stocks underperformed the overall market but still posted solid gains. The leaders index was higher by .99% on the day on much higher and above average volume. This is a new high for the leaders index on both a closing and an intraday basis. The rally continued today after META’s earnings report. The gains were solid except for the INDU. The market has been acting very well in recent days with the bullish case getting stronger. I will speak a bit more about this over the weekend. After the close several important companies issued earnings reports that have not been well received. The futures are lower as of the time of this writing and frankly a rest after the recent gains is likely and even beneficial. The employment report comes out before the open tomorrow and will effect the market. We have seen a lot of strength recently and a mild pullback here is likely. Jerry