Leaders Index 11-10-17

The market put in a quiet session yesterday. The major averages were little changed all day and finished with either small gains or small losses. The COMPQ was higher by .01% while the SPX declined .09%. The only real strength was again in the semiconductor stocks, which have led recently. The SOX was higher by .65%. The major averages mostly closed at their intraday trading highs, but with the range so small it doesn’t matter much. Volume was lower across the board, so large institutional players were not active. Leading stocks were generally higher, but mildly so. The leaders index was higher by .59% and closed in the upper half of its trading range. Volume was lower than Thursday but still above average. The market is continuing its pattern of advances followed by a consolidation period. That has been then followed by a move into new high ground. We appear to be consolidating gains now. All those consolidation/pullback periods have been very mild. We are in a seasonally positive period right now and while there are some negatives out there the odds favor higher prices into year end. Jerry