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Thread: Leaders Index 2-8-21

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    Leaders Index 2-8-21

    The market staged another strong rally today. The major averages opened higher and held the gains most of the session. Late buying came in and all the major averages finished at or very near their intraday trading highs. The gains in the major averages were pretty evenly divided. The COMPQ and the NDX were higher by .95% and .67% respectively. The SPX rallied .74%. The greatest strength was in the small cap stocks and the semiconductors. The RUT was higher by 2.63% and the SOX was even stronger, rallying 3.13%. Volume was mixed. It fell 6.45% on the New York and rose 25.67% on the Nasd. Leading stocks had a good day as well with the leaders index gaining 2.25% on the day. The index closed in the upper half of its trading range and volume was higher but still below average. The index also made a new closing high today, but just missed a new intraday high. The market continued its recent positive action today. All the major averages made new highs today and the Nasd did it on much higher volume. Leading stocks continue to do pretty well and there were some new actionable stocks today. Something I saw in the Investors corner section of IBD over the weekend struck me. It talked about how many stocks were over a hundred dollars a share right now. Over half of the stocks in the IBD 50 are over a hundred dollars and 16 of the 22 Leaderboard stocks are over a hundred dollars. It made me think of December of 1999 and January of 2000 when I noticed that every stock that I owned in my canslim portfolio was over a hundred dollars. This is another red flag showing how extended the market is. The current price action shows that we have not seen the top of this rally yet, but the red flags are flying, so be careful. Jerry
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