Leaders Index 6-5-18

The market put in another positive session today. After opening pretty flat there was some selling and it looked like the major averages would have a pullback day after the recent advance. Buying came in later and the averages rallied. The Nasd averages were again the leaders with the COMPQ and the NDX higher by .41% and .32% respectively. The SPX was higher by .07%. The Nasd averages finished near their intraday trading highs while the New York averages closed high in their ranges. Volume was mixed. Slightly lower on the Nasd and slightly higher on the New York. Leading stocks continued to rally with the leaders index gaining .38% on the day. This was enough for another new high for the index on both an intraday and a closing basis. The index closed high in its trading range and the relative strength line of the index made a new high. Volume was slightly lower but well above average. The market continued to rally in a positive manor today with the big cap tech stocks and the Nasd averages leading the way. The Nasd averages made new highs along with the small cap stocks. The semiconductors are close. The only real concern now is the lack of performance in the New York averages. Some are saying that this is due to trade concerns as these stocks tend to have more international business, but it really doesn’t matter. They are lagging. It would improve the picture even more if they started to rally, but things are looking pretty good right now anyway. Jerry