Leaders Index 9-24-13

The market opened a bit higher and had a decent gain going. As the session wore on the major averages lost these gains and closed mixed on the day. The New York averages lead the way lower as the SPY lost .26% and the DOW fell .43%. The Nasd did best as the COMPQ closed slightly higher with a small .08% gain. Volume was higher across the board, producing a distribution day on the SPY and a stalling day on the COMPQ. Leading stocks did a bit better than the overall market as the leaders index rose .47% on higher and above average volume. The index bounced off it’s 9dma and closed in the upper half of it’s trading range. Both the major averages and leading stocks are consolidating recent gains and doing so in an orderly manner. The rally still looks solid as no real damage has been done to the charts. The A’s minus E’s flattened out today but have not turned over. It would be a negative sign if they did, but for now the market looks like it will likely resolve this consolidation to the up side. Jerry