Leaders Index 9-23-13

The market was weak again today. It opened lower and was down all day, although the major averages closed well off their intraday lows. The COMPQ was strongest with a .25% decline and the SPY was weakest with a .47% fall. Volume was much lower across the board, which would be expected after an expiration day. Volume was average on the New York and a bit above average on the Nasd. For the first time in a while leading stocks underperformed the overall market as the leaders index fell 1.70% on lower and about average volume. The index tagged the 9dma but closed well above this important moving average and in the upper half of it’s trading range. No stocks in the index broke really badly today and the only component of the index that is broken is QCOR. The major averages have given back most or all of the gains from last Wednesday’s surprise Fed announce, but there has been no real damage done to the major averages or the leading stocks. Things looked pretty ugly early, but much less so by the close. It would be good to see the market rally soon and with conviction, but the rally is intact. Jerry