Leaders Index 11-17-14

The market had another pretty trendless session today. The major averages were mixed after trading in a fairly tight range. The Nasd averages were lower while the New York averages gained slightly. The COMPQ was lower by .37% while the SPY was up .07%. Volume was mixed. On the Nasd it was about flat according to esignal. If it was higher that would be a distribution day on the COMPQ. We can wait and see what IBD calls. Volume on the New York was lower. Leading stocks were mixed to lower again with the leaders index off by only .10%. Volume of the leaders index was about unchanged and was well below average. The relative strength line of the index continues to decline and is nearing it’s 50dma. The major averages continue to consolidate and look ok while under the surface quality growth stocks continue to struggle. The advance is being fueled by a smaller and smaller number of big caps stocks. This is typical in the late stages of cyclical bull markets. The A’s minus E’s continued lower today. We must see some real strength in leading stocks and some good setups. It is becoming more difficult to make real progress as we go on. This is usually a negative sign and is a cause for caution. Jerry