Leaders Index 3-4-16

The market continued it’s recent pattern of working it’s way higher yesterday. After a little early weakness the major averages worked their way higher and while they didn’t finish at their intraday trading highs there were gains. The SPX led the way with a gain of .33%, continuing the outperformance of the New York stocks, while the COMPQ rallied .20%. Volume on the New York was higher. On the Nasd IBD has it lower while Esignal shows it higher so take your pick. Either way it was above average across the board. There was greater strength in small and mid cap stocks with the RUT higher by .55% while the MID gained .67%. Semiconductors were the strongest of all as the SOX rose 1.05%. Leading stocks had a good session as well with the leaders index gaining .63% on higher but slightly below average volume. There is a red candle even with the higher price because the index closed below it’s opening price. The market is working it’s way higher and there is a new development this week. I have said for the last couple of weeks that the weekly Coppock was starting to curl up. This week there were weekly Coppock buy signals on the New York averages, the RUT, MID and SOX. The Nasd averages did not get a signal this week but they flattened out and will likely signal next week. This significantly improves the odds that this is at least a tradable rally and some increased exposure is warranted. Jerry