Leaders Index 1-9-14

The market opened higher today but couldn’t hold on to it’s gains. The major averages set their intraday highs in the first half hour of trading. They gave up all those gains and the Nasd averages lost ground while the New York averages closed flat. The COMPQ lead the way down with a loss of .23%. Tech stocks, which were strong yesterday, sold off as shown by the .42% slump in the NDX. Volume was lower across the board so there was no distribution on the session. Leading stocks were mostly lower as the leaders index fell .76% on higher and above average volume. This produced distribution on this index. Continuing it’s tight trading range of the last two weeks the index traded below it’s important 17dma today but closed right above it. The relative strength line curled down slightly. The market continues to be difficult but the uptrend continues and while many stocks are giving holders a pretty rough ride no real damage has been done to either the major averages or leading stocks. As long as this is the case holding top quality names and/or ETF’s is the thing to do. Jerry