Leaders Index 2-24-15

The market continued to work it’s way higher today. The gains were modest and mostly came after Yellen said there would be no interest rate hikes for a least the next couple of meetings. The major averages were higher all day and again finished near their intraday highs. The New York averages were strongest with the SPX gaining .28% while the COMPQ was higher by .14%. Volume was mixed, higher on the Nasd and lower on the New York. All the major averages made new intraday and closing highs on the session and have closed at their highs every day for almost two weeks now, a sign of strength. Leading stocks had a good session as well with the leaders index gaining .75% and closing near the highs of the day. We continued to see new breakouts, and although few are producing strong gains the steady march higher is the best we have seen in over a year. This is by no means a strong rally but it appears pretty relentless. It is slowly working it’s way higher and with the distribution count declining to low levels it could well continue. Since few stocks are producing large gains it is probably a good idea to take modest gains when you have them. Mixing some index etf’s into the picture is a good way to capture some of the gains in the major averages. Jerry