The market was lower most of the day before the NVDA report. The major averages opened lower and traded in negative territory all day. Late strength came in and the major averages finished little changed and high in their intraday trading ranges. The COMPQ and the NDX fell only .11% and .08% respectively. The SPX was flat. Volume was lower across the board. Leading stocks were mixed on the day. Since the leaders index was over three months old and had a decent number of broken stocks I decided to replace it. The new leaders index has 24 stocks in 17 different industry groups. I have included a text file with the components of the new index. Full disclosure, this is the first leaders index that I have used the Janus screens to put together instead of Marketsurge and HGSI screens. This is the same method I use to create the baskets I invest in. The market was mostly lower all day in anticipation of NVDA’s earnings. Late buying erased those losses. The report came out and it beat but it wasn’t a real blowout. The stock is trading little changed in the aftermarket. Depending on what comes out of the conference call, the whole thing could turn out to be no big deal. If that is the case we go back to the market focuses on other things. The rally itself is still on solid ground and it is a very supportive time of year. Barring NVDA blowing up by tomorrow, the rally still looks ok. Jerry
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