Leaders Index 6-2-16

The market had another solid session today . It repeated the recent pattern of weak opens and strong closes. This is good. After opening lower all the major averages bottomed out in less than a half hour and then began a rally that carried them into the finish. The COMPQ ended with a gain of .39% while the SPX rallied .28%. All the major averages closed at their intraday trading highs. Volume was mixed, lower on the Nasd and higher on the New York. Leading stocks were higher as well but gained less than the overall market. The leaders index was up by .08%. It closed in the lower half of it’s intraday range but volume was higher than yesterday and below average. The relative strength line of the index declined a bit. The action of the market in recent days has been encouraging. It is showing a pattern of weak openings followed by buying that held into the close. That is bullish action. The COMPQ is right at the recent high it put in on 4/20. Breaking above it would improve the picture. The New York averages are still a little below this resistance level. The market is acting like it wants to go higher. Jerry