Leaders Index 1-8-14

The markets opened a bit higher today but couldn’t get anything going. After narrow trading the major averages finished near the top of their intraday ranges and closed mostly unchanged on the session. The COMPQ closed higher on the day due to strength in the tech stocks and had a gain of .30%. The New York averages(which have fewer tech stocks) were about flat. Volume was higher across the board but the gain in the Nasd and slight losses in the New York averages mean there was no distribution on the day. Leading stocks generally had a good day as the list of new breakouts and pocket pivots continues to grow. Stocks like ALKS, BITA, TASR, and QIHU had very good days. The leaders index was flat on the day with a gain of only .02%. It continues in the basing pattern it has been in for a couple of weeks. There are currently some cross currents in the index with stocks like DDD doing well while AMBA and WETF got hit. There are a good number of attractive stocks and the market clearly wants to go higher so the long side is the place to be. Jerry