Leaders Index 11-30-15

The market began post Thanksgiving trading on a negative note. After opening slightly lower the major averages worked their way lower the rest of the session and closed at their intraday trading lows. The SPX led the way with a loss of .46% while the COMPQ declined .37%. Volume was much higher across the board, which you would expect after Friday’s short trading session, but it was well above average and higher than any day last week. This produced distribution on all the major averages and showed that large institutional players were selling stocks pretty heavily. Leading stocks were lower as well with the leaders index declining .30% on the day. It closed in about the middle of it’s trading range and remained above it’s short tern 9 and 17dma’s. The index remains near it’s recent highs and is acting better than the major averages, as shown in it’s rising relative strength line, which remains above it’s 50dma. Volume on the leaders index was higher, but still below average, showing less selling pressure in quality growth stocks than the overall market. The real strength today was in the semiconductors as the SOX rose .99% and regained it’s 200dma. The IBD 50 fell back below it’s 200dma. There is a seasonal bias to the upside this time of year and the market is acting fairly well, so a decent amount of exposure is warranted. Jerry