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Thread: Leaders Index 10-8-18

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    Leaders Index 10-8-18

    The market put in another overall negative session today. The major averages opened lower and were in negative territory pretty much the entire day. Nasd averages were again the weakest with the COMPQ and the NDX declining .67% and .62% respectively. The SPX was almost flat with a decline of .04%. Late buying caused the major averages to rally late and finish in the upper half of their intraday trading ranges, the real positive aspect of the day’s action. Volume was lower across the board. Leading stocks put in another disappointing performance. They were almost universally lower, although there was a late rally, like the overall market. The leaders index was lower by 1.10%, but like the major averages it rallied off the lows and closed high in the trading range. Volume was lower than Friday and about average. The market had a little bit of a late reversal today that made up for much of the session’s losses. It was still overall a negative performance. The real bottom line is how are trading accounts performing, and right now they are not likely performing well. The best quality stocks that have produced the best gains are breaking down. This is always the most important indicator. The late rally today in both the major averages and leading stocks may well spill over into the open tomorrow, but if it does we will have to see if the market can hold it. The overall picture is negative right now and protecting capital is the primary objective. Jerry
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