Leaders Index 5-1-17

The market staged a solid rally session today. The major averages opened strong and after a couple of declines and rallies they closed off their highs but well into positive territory. The Nasd averages led the way with the COMPQ higher by .73% and the NDX up by .83%. The New York averages lagged as the SPX rallied .17%. Semiconductors were up the most with the SOX gaining .98%. All the Nasd averages finished high in their intraday trading ranges while the New York averages closed low in theirs. Volume was lower across the board and below average on both exchanges. Leading stocks had a good session as well with the leaders index rallying 1.19% on lower but still above average volume. The index closed in the upper half of its trading range and made a slight new high on a closing basis and matched its old high on an intraday basis. The relative strength line of the index also made a new high. The action of the leaders index has been positive. It rallied into new high ground and then essentially went sideways for three days and closed high in its trading range all three days. Now it looks like it may be heading higher again. The day’s trading was very positive. The Nasd averages went further into new high ground and are accelerating higher. The New York averages are not as strong and must break into new high ground to confirm the action in the Nasd. Overall the market is acting well and it looks like higher prices are ahead. Jerry