Leaders Index 1-10-17

The market had another mixed session today. The leadership was again in the Nasd stocks as they again led. The COMPQ was up by .36% while the SPX was flat. In contrast to yesterday the small and mid-cap stocks were strong. The RUT was higher by .99% and the MID gained .65%. The Nasd averages closed high in their intraday trading ranges while the New York averages finished near the bottom of theirs. Volume was mixed, higher on the New York and lower on the Nasd. Leading stocks had a good day with the leaders index rallying 1.58% on higher and slightly above average volume. The index closed high in its trading range and made a new high on both a closing and an intraday basis. The relative strength line if the index also had a nice move. The fact that the leaders index broke out of the consolidation it has been in for over a month is an encouraging sign. The fact that it was on higher volume shows that there was some conviction behind the move. The Nasd averages moved further into new high ground, while the New York averages remain in their recent consolidations. Today’s action improved the picture, and while there were some fresh breakouts, it would be good to see the New York averages confirm the move higher. Jerry