Leaders Index 9-19-13

The market opened slightly higher today, but couldn’t hold those gains. The major averages closed mixed, with the New York averages down slightly and the Nasd averages up a bit. Volume was lower across the board so there didn’t seem to be any real selling pressure. Leading stocks again outperformed the overall market as the leaders index rose 1.63%. It closed in about the middle of it’s trading range and volume was a touch lower but about average. Both the index and it’s RS line moved into new high ground. Individual quality stocks continue to do well and leaders such as TSLA and YELP broke into new high ground. The market could be expected to take a rest after it’s recent advance and today’s lower volume trading looks like it is constructive. The rally appears to be on track for now and until we see more distribution in the major averages owning top quality stocks and ETF’s on the averages is the proper action. Jerry