A stock or industry group that is underperforming the market or a selected benchmark. In almost all cases laggards eventually catch up to the rest of the market or the market pulls back in line with the laggards. During the bull market of the 1990s, energy and commodity stocks were market laggards and underperformed the rest of the market.

A stock or industry group that is outperforming the market or a selected benchmark. As with laggards, leaders eventually pull back to the rest of the market or the market catches up to the leaders. During the most recent bull market energy and commodity stocks have been leaders and outperformed the rest of the market.

Charting scale method where percent price differentials are given equal vertical spacing. Mainly used by technicians for longer time periods (more than two years).