Leaders Index 11-6-14

The markets opened a bit higher and after some early weakness turned up and rallied for the rest of the session. The major averages had solid advances and rallied late to close at their intraday highs. The COMPQ and the SPY both rose .38% on the day. The New York averages set new closing and intraday highs while the the Nasd averages finished just below recent highs. Volume declined across the board in what was a quiet session for institutional players. Leading stocks again lagged the overall market as the leaders index declined .92% on lower and below average volume. The index traded below it’s important 17dma during the day but closed above this moving average and in the upper half of it’s trading range. Quality growth stocks have not kept up with the major averages for a few days now, but today’s action in the leaders index may be be overstating the weakness as two components of the index, AKRX and FNHC were hit very hard. The overall volume of the index was low despite huge volume in AKRX, showing that the selling pressure in other stocks in the index was not intense. Overall the rally is still in good shape, but it would be good to see leading stocks start to outperform the major averages again. Jerry