Leaders Index 4-13-15

The market opened strong today and all the major averages had solid gains early. The major averages topped out after a couple of hours of trading and spent the rest of the session selling off. Weakness into the close saw all the major averages finish at their intraday lows. This reversal is not a positive sign, although little real damage can be seen in the charts. The SPX led the way down with a loss of .46% while the COMPQ was off by only .15%. Volume was mixed on the day, higher on the Nasd and slightly lower on the New York. There was no distribution today as the loss in the COMPQ was to small to qualify. Leading stocks declined as well with the leaders index falling .50% on higher but below average volume. This showed distribution in quality growth stocks. The index also closed in the lower half of it’s intraday range. You really don’t want to see early gains turn into losses like we saw today, but the charts of both the major averages and the leaders index still look pretty solid. There is still not much of a trend in either direction but some leading stocks are acting fairly well. It’s ok to be invested but I wouldn’t get carried away unless the market can break to the upside with conviction.Jerry