Leaders Index 7-28-14

The market opened lower but found support after putting in it’s lows after the first hour. The major averages rallied back and closed near unchanged on the day. The Nasd averages had small losses with the COMPQ lower by .10% and the NDX up a bit by .05%. The SPY finished with a gain of .03%. All the major averages closed at their intraday highs, which is a good sign. Volume was slightly higher across the board, but not enough to show much real conviction on the part of institutional players. Leading stocks did a little better than the overall market with the leaders index up by .51% on the day with volume both higher than Friday and above average. The index closed in the upper half of it’s trading range and the relative strength of the index made a new high. It was not the kind of day you would get to excited about, but at least the market recovered it’s early losses to about break even. Big economic news later in the week will probably set the tone for the market and it looks like we are kind of stuck in neutral right now. There are some stocks that are acting alright, especially on good earnings reports, but meaningful gains are still hard to come by. Jerry