Leaders Index 2-7-17

The market showed mixed action today. The major averages opened strong and rallied to meaningful gains. Then they topped out in the first half hour of trading and worked their way lower the rest of the day. They still closed in positive territory, although the majority of the early gains were lost. The COMPQ closed with a gain of .19% while the SPX was essentially flat with a gain of .02%. All the major averages finished low in their intraday trading ranges, a sign that the price gains were met with some real selling. The small and mid-cap stocks were lower today with the RUT and the MID declining .41% and .28% respectively. Volume was higher across the board, not exactly what you want to see when the market can’t hold its gains. This also produced a stalling day on the major averages. Leading stocks showed the same pattern as the general market. The leaders index made a new all-time intraday high, but couldn’t hold it. The index closed with a loss of .22% and low in its trading range. Volume was higher than yesterday, so there was distribution in quality growth stocks. The chart of the leaders index still looks fine. Despite the loss of early gains today there was not too much damage done. You don’t want to see more days like this, but the uptrend still looks intact. Jerry