Leaders Index 11-12-14

The market had a fairly quiet session again today as the major averages continue to consolidate recent gains. After a decline at the open the market rallied into the close and all the major averages finished at of near their intraday highs. The Nasd averages showed the most strength with the COMPQ rising .31% and making a new high for the move. The New York averages lagged a bit today as the SPY finished lower by .07%, but still near it’s highs. The small caps were strongest on the day with the RUT rising .55%. Volume was higher across the board but was still below average. There was no distribution on the New York averages as the decline in the SPY was to small to count. Leading stocks were modestly higher as well with the leaders index rising by .66%. The index closed near the top of it’s intraday range and volume was lower but slightly below average. The index closed just below it’s important 17dma and the 9dma is about to cross below the 17dma. The market is acting well, but it would be good to see leading stocks act stronger and start out performing the overall market. If and when that happens my comfort level will increase. We are in a seasonally favorable period and could see the market rally into the end of the year. The A’s minus E’s are still positive and that will be one of my early warning indicators. Jerry