Leaders Index 12-13-13

The market traded around where it opened on Friday and closed little changes on the day. The major averages closed in the bottom half of their trading ranges with the COMPQ up .10% and the SPY flat. Volume was lower across the board so there was no new distribution as one older day fell off. Leading stocks did better than the overall market as the leaders index rose 1.24% on lower and well below average volume. The index is now bumping up against it’s 17dma. If it can break above this important moving average it will be a positive sign that the market can move higher. There are some stocks that are forming bases and how these stocks act will be important. The Fed meeting next week will set the tone and give us a better idea of where things are going. Jerry