Leaders Index 6-16-16

The market started off weak today and the major averages had some significant losses. A little more than an hour into trading the major averages reversed and started a rally that continued into the close. This was a positive reversal. All the major averages ended the session at their intraday trading highs with the COMPQ showing a gain of .21% while the SPX rallied .31%. Volume was mixed, higher on the Nasd and slightly lower on the New York, according to esignal. Leading stocks showed a similar pattern, but the leaders index didn’t manage to get back into positive territory. The index finished with a loss of .15% but closed near the top of it’s trading range. Volume was slightly higher than yesterday. The kind of positive intraday reversal we saw today often leads to a least a short term rally. We will have to see if this happens now. The charts of the major averages still look pretty ugly. The SPX was able to regain it’s 50dma but the COMPQ wasn’t. It will take some solid upside performance with volume from here to really improve the picture. Jerry