Leaders Index 4-23-14

The market consolidated the gains of the last few days in a pretty constructive manner. The major averages were lower all day, but the losses were not that bad. The COMPQ, which has been the strongest of the major averages in the last week, led the way lower with a decline of .83% The SPY was lower by .22%. Volume was lower across the board, which is what you want to see during a pull back. Leading stocks were lower on the session also with the leaders index down by .49%. In this case how ever the volume was considerably higher than yesterday and also above average. There was some selling in quality growth stocks today. The index must now stay above it’s 17dma or it may have a lower high in place. It is very difficult to trade a trendless market like we are in now. For now, until it is more clear if there will be a sustainable move in either direction the side lines is still a good place to be. Jerry