Leaders Index 8-9-16

After bouncing around yesterday’s close with a slight upward bias the major averages finished with small gains. The COMPQ again led the way with a gain of .24% while the SPX rose slightly by .04%. The greatest strength was in the semiconductors as the SOX gained .82%. Volume was mixed, according to Esignal, higher on the Nasd and a bit lower on the New York. Both the COMPQ and the SPX closed low in their intraday trading ranges. This produced a stalling distribution day on the COMPQ and IBD says there was also stalling on the SPX. Leading stocks outperformed today with the leaders index rallying 1.24% on slightly higher and about average volume. This counts as accumulation on the leaders index. That along with the fact that the index closed slightly above it’s short term 9dma and 17dma is good. Getting above these important moving averages, even by a little, is positive. The rally is still intact, although there are a couple of small red flags. Jerry