Leaders Index 5-5-17

A very brief update as I have been out of town the last couple of days. The market acted well on Friday. After popping a bit at the open the major averages traded sideways until some late strength saw all the major averages close at their intraday trading highs. The COMPQ gained .42% while the SPX rallied .41%. Volume was lower across the board. Leading stocks did well with the leaders index higher by 2.54% and closing high in its trading range. The index bounced off its 17dma and closed back at its 9dma. The relative strength line of the index bounced off its 50dma. Many of the major averages made new all-time highs on Friday and quality growth stocks performed well. Friday’s action improved the picture. Jerry