Leaders Index 12-19-13

The market opened a little lower today but traded in a narrow range as it consolidated yesterday’s gains in a constructive manor. The New York averages were strongest with the SPY falling only .06% and the COMPQ declining .29%. All the major averages finished the session near the highs of the day. Volume was lower across the board, showing that large players were not selling stocks. Leading stocks outperformed the overall market with the leaders index rising 1.00% on slightly lower and below average volume. The index looks like it is building the right side of a cup and positive action going forward could complete this pattern. The market is acting better after the Fed announcement yesterday and could very well have a Santa Claus rally into the end of the year. Every correction this year had been short and trying to call a top has been expensive. There are quality stocks worth buying, but it is probably a good idea not to get to carried away. Jerry