Leaders Index 4-24-14

The market opened strong today on the back of good earnings from AAPL and FB. The major averages set their intraday highs in the first five minutes and then spent the rest of the session bouncing around before closing flat to some modest gains. The COMPQ was the strongest of the major averages with a gain of .52%. The New York averages were flat with the SPY up .17% and the NYA down .06%. Volume was higher across the board, which I guess could be considered good in the case of the Nasd and bad in the case of the NYSE. Leading stocks were pretty flat on the session also with the leaders index closing higher by .19%. The index had a red candle because it closed lower than it’s open, a sign that the buying pressure petered out early. The interesting thing about the leaders index today was the volume. It spiked much higher than yesterday and was well above normal. The high volume along with no price progress is something to keep an eye on. The trading today seemed labored. I don’t think today’s action met the definition of a stall day, but it sure had the feel of one. This type of market where there is no follow through in either direction is difficult to trade. Some degree of caution is warranted. Jerry