Leaders Index 11-10-15

The market opened lower today and early it looked like there would be a continuation of yesterday’s selling. The major averages bottomed out about an hour into trading. They then started a mild rally into the close and all the major averages finished at their intraday trading highs.The final prices were mixed with the Nasd averages lower and the New York averages higher. The COMPQ was off by .24% while the SPX gained .15%. Volume was mixed, lower on the New York and higher on the Nasd. This was enough for a distribution day on the Nasd averages, but the fact that they closed at their intraday highs mitigated much of the damage. Leading stocks again outperformed the overall market with the leaders index rising 1.00% on the day and closing in about the middle of it’s intraday range. The index again tagged the confluence of it’s 9 and 17dma’s and bounced off them. The index closed in about the middle of it’s intraday range and the volume was higher, but still below average. The fact that the market could overcome early losses and finish either in positive territory or at the top of the trading ranges is positive, and so is the fact that quality growth stocks continue to outperform. Jerry