Leaders Index 8-27-14

The market took a bit of a break today after two days of gains. The trading ranges were tight . The SPY was about completely flat today, showing zero change while the COMPQ lost .02%. There was some weakness early but the market worked it’s way back to erase the losses. The major averages all closed near the tops of their intraday ranges, which is a sign of support. Volume was lower across the board. Leading stocks took a break as well with the leaders index declining 1.26% and closed just below the middle of it’s intraday range. Volume was higher than yesterday, which you would rather not see on a down day, but it was still below average. The fact that the market could not follow through on early weakness and recovered is positive action. After breaking to new highs in the last couple of days today looked like fairly orderly consolidation of those advances. The rally looks like it is in good shape. Jerry