Leaders Index 11-3-15

The market had another solid rally session today. A little late weakness saw the major averages finish off their intraday highs, but they all closed in the upper half of their intraday trading ranges. The COMPQ again led the way with a gain of .35% while the SPX rallied .27%. Volume was higher across the board, showing that large institutional players were supporting the market and notching an accumulation day. Leading stocks again lagged the overall market with the leaders index about flat with a decline of .26%. The index continues to struggle with it’s important 17dma and a fair number of stocks in the index are broken. On the plus side the IBD 50 broke above it’s 200dma for the first time since the sell off in late August, although it did so on lighter volume. The action is still concentrated in the mega cap tech stocks, although there are some quality growth stocks that are producing worth while gains. Selectivity( or EFTs) is the name of the game. Jerry