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Thread: Leaders Index 1-5-22

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    Leaders Index 1-5-22

    The market got hit pretty hard today. The major averages were lower at the open and it was all down hill from there. The selling accelerated after the Fed minutes came out and it looks like they might be more hawkish. All the major averages finished at their intraday trading lows as the selling continued into the close. The Nasd averages again took the brunt of it as tech stocks weakened. The COMPQ and the NDX fell 3.34% and 3.12% respectively. The SPX declined 1.94%. Volume was mixed but not that much changed from yesterday. It fell 1.94% on the Nasd and gained 2.22% on the New York. That should be enough for a new distribution day on the New York averages. Leading stocks were hit hard as the rotation to value stocks continued. The leaders index fell 2.64% on the day and closed near the bottom of its trading range. The index closed right on its 17dma support level. Volume was lower but still above average. The market got hit hard again today and growth stocks continued to take the worst of it. The Nasd averages broke hard below their important 50dma’s. Even value stocks that were higher early couldn’t hold up and closed lower as well. The market is looking pretty ugly right now and buying CANSLIM type growth stocks is likely just a good way to loose money. We have been chopping back and forth for a while now and this is not the kind of market you want to mess around with. Being out of the market is a strategy too. Jerry
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