Leaders Index 11-5-18

[Jerry Samet]

The market put in a mixed performance today. After opening lower the major averages put in a bottom and rallied for most of the rest of the session. The Nasd averages were the weakest due to continuing declines in tech stocks. The COMPQ and the NDX were lower by .38% and .40% respectively. The New York averages were higher with the SPX higher by .56%. All the major averages finished near their intraday trading highs, a sign that there was some buying coming in. Volume was lower across the board as most market participants will be reluctant to take positions both today and tomorrow ahead of the election. Leading stocks were mixed, depending on which leaders index you look at. The new one, lite on tech, was higher by .15% on the day. It closed high in its trading range and volume was light. The older index was off by .43% and also closed high in its trading range. Volume was lower but well above average. The market started off pretty weak, but rallied as the day went on. Continued weakness in tech stocks was the cause of the decline in the Nasd averages. The New York averages are lighter on tech and heavier on more defensive sectors so they outperformed. All the major averages remain below their long term 200dma’s and it will be difficult to get too excited about the market until this resistance is overcome, even with a follow through. I suspect tomorrow will be a quiet day as few will want to increase exposure before the election results are known. I will be out volunteering tomorrow so there will be no update. Wednesday will be interesting. Jerry