Leaders Index 4-2

After a weak opening the market spent the rest of the day rallying back. Although they closed off the highs of the day the major averages posted solid gains on a price basis. Volume was disappointing as it declined across the board. You want to see the market rally on strong volume and in the last week we have seen declines on higher volume and rallies on lower volume. Leading stocks rose slightly more than the overall market with the leaders index climbing .98% on lower and below average volume. The leaders index continued to bounce along the 17dma for the fourth day in a row. It must get comfortably above this support level on good volume to put the rally on more secure ground. The market continues to act tired and good price rallies on volume are needed to increase confidence. Jerry