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Thread: Leaders Index 11-9-20

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    Leaders Index 11-9-20

    It was a wild day. News of a vaccine that really worked and could be a approved this month sent the market sharply higher at the open. There was a split market as what looks like massive rotation took place. Stocks that had done well during the pandemic were hit hard while those groups that were routed during the last eight or nine months rallied hard. The Nasd averages made new intraday highs early and then reversed to close lower. The COMPQ and the NDX were off by 1.53% and 2.16% respectively. The New York averages finished higher but lost much of their early gains. The SPX was higher by 1.17% All the major averages finished at the bottom of their intraday trading ranges, a negative sign. Volume spiked across the board. It was higher by 76.61% on the New York and 39.70% on the Nasd. These are massive gains and showed that large institutional players were active today. Leading stocks were lower as well. The leaders index fell 1.48% on the day and closed low in its trading range. Volume was lower but still above average. News of a very effective vaccine from Phizer really set off a rally around the world. There was a strong rotation out of stocks that have done well in the pandemic to those that didn’t. The kind of quality growth stocks that most of us invest in were hit hard. The leaders index was off by 1.48% but the FFTY declined 6.63%. This kind of rotation is rarely good for a rally. There was also a distribution day on the COMPQ just two days after its follow through. This is always negative. The New York averages didn’t have an official distribution day, but they sure had a stalling feel. The reversal today is a problem. The latest follow throughs were not well confirmed and are now showing distribution early. I would saw that overall the action of the market today was not encouraging. Jerry
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