Leaders Index 7-17-17

The market took a rest today and traded in a very tight range. The major averages traded around unchanged all day and closed there. The COMPQ had a gain of .03% while the SPX lost .01%. These changes barley register. All the major averages closed low in their intraday trading ranges, which is usually negative, but the tight trading ranges somewhat negates it. Volume was mixed, higher on the New York and lower on the Nasd. Both were below average. Leading stocks didn’t do much either with the leaders index closing higher by only .02%. The index closed in the upper half of its trading range and the action, although small, does constitute new highs on both a closing and an intraday basis. Volume was lower and well below average. The action today was positive. After the recent advance and move to new highs on the New York averages the market seemed to be digesting those gains today in a constructive manner. After running up a bit of a consolidation is to be expected and welcomed. The market still seems to be in rally mode, and the positive response of NFLX to its earnings report after hours will likely help the market tomorrow. Jerry