Leaders Index 11-19-14

The market was mostly lower today after yesterday’s gains. The strength was in the New York averages as the SPY was off by .15% on the session. The Nasd was weaker with the COMPQ lower by .57%. After early weakness all the major averages regained some of those losses and finished in the upper half of their intraday trading ranges. Volume was mixed, lower on the Nasd and higher on the New York. The small decline in the SPY means that there was no distribution on the day. The small caps were the hardest hit with the RUT off by 1.08% and closing in the lower half of it’s trading range. This shows that large caps stocks continue to lead the rally. Leading stocks were lower as well with the leaders index off by .43% but closed in about the middle of it’s trading range. Quality growth stocks continue to lag the overall market as can be seen in the relative strength line of the leaders index. It has also not followed the major averages into new high ground. The index is also sitting on a convergence of the 9 and 17dma’s. Right now it is a difficult market to make much progress in and while it is ok to participate a good degree of caution is warranted. I will be away for a few days, the updates will resume after Thanksgiving. I hope everyone has a good holiday. Jerry