Leaders Index 4-30-14

The markets opened slightly higher then sold off before recovering a bit before the Fed announcement. The actual announcement was about as expected and caused little reaction. A little late strength allowed the major averages to close near their intraday highs with moderate gains. The SPY was up by .30% while the COMPQ was higher by .27%. Volume was slightly higher across the board. Leading stocks were up a bit on the session also with the leaders index gaining .41% on very heavy volume. Most of the volume increase was caused by a spike in the volume of UA. The index again hit the critical 50dma on the intraday highs and was unable to get above it. The day’s action didn’t do much to improve the chart of the index and after several tries to break above this moving average it has been unable to. This is a pretty negative sign and shows a lack of strength in quality growth stocks. The New York averages are very close to new high ground and the INDU actually got to new highs. This could trigger a technical return to rally mode, but with so few attractive stocks out there it is hard to get excited. Jerry