Leaders Index 5-11-17

The market opened lower today and it looked like there would be a good sell off. After some sizable losses the major averages bottomed out after about an hour of trading and them rallied into the close and erased most of the losses. The COMPQ finished with a loss of .22% while the SPX showed an identical decline. All the major averages closed near their intraday trading highs, a sign that there was buying interest as prices fell. Volume was mixed, lower on the Nasd and higher on the New York. It was below average on both exchanges. This was enough to produce a new distribution day on the New York averages. Leading stocks followed a similar pattern. The leaders index sold off early and tagged its short term 9dma at its lows. It then rallied and closed with a loss of .42% on the session. The index closed high in its trading range and volume was lower and well below average. There was not a lot of selling pressure in quality growth stocks. Today’s decline was fairly moderate compared to recent advances. There was little damage done to the charts of either the major averages and the leaders index. It was a down day, but other than the new distribution on the New York averages, little real damage was done. Jerry