Leaders Index 2-19

The market had a solid up day today as the major averages rose between .68% on the COMPQ and .80% on the NYA. They all closed at their intraday highs with the COMPQ and the NYA surpassing the round numbers of 3200 and 9000 respectively. Volume was lower across the board, which you would rather not see on a rally day. Leading stocks did not do as well as the overall market as the leaders index climbed .31% on lower and slightly below average volume. There are quality stocks that are doing well, such as LNKD and FLT, but the number is declining as the leadership is getting narrower. The major averages are all at multi year highs and the rally is still intact, but the thinning leadership is a sign of a mature rally. Jerry