Leaders Index 10-5-17

The market put in another solid rally session today. After opening higher the major averages worked their way up the rest of the day. The Nasd averages led the way with the COMPQ and the NDX both higher by .78% and .97% respectively. The SPX was also up by a respectable .56%. All the major averages closed right at their intraday trading highs, a sign that there was buying as prices rose. There were new all-time highs in all the major and secondary averages today, another positive. Volume was mixed, slightly higher on the Nasd and a bit lower on the New York. Leading stocks rallied as well with the leaders index gaining .53% on the day, a little less than the major averages but still a solid performance. The index closed near its intraday high and made new highs on both a closing and an intraday basis. The relative strength line of the index backed off a little. Volume on the leaders index was slightly higher. The market continues to move higher and the rally looks solid. The new highs in both the major averages and the leaders index were just what we have been looking for. The markets may be a little extended in the very short term as we have seen many days in a row of higher prices, but even if there is a little pullback the direction of the market appears to be higher. Jerry