Leaders Index 1-21-15

The Market had another up and down session today. It sold off in the first ten minutes and then turned around and rallied into positive territory. The major averages then sold off into negative territory before rallying again to finish higher on the day. They closed in the upper half of their intraday trading ranges again. This is three days in a row of the major averages rising and closing high in their trading ranges. A problem is that they did this on lower volume each day. If this continues the major averages will take on a wedging look. Leading stocks were mixed with the leaders index falling .36% on slightly higher volume. The index closed about in the middle of it’s intraday range and remained above it’s 17dma. The market continues to trade in a pretty unimpressive manor. The major averages are still below their 50dma’s and have been rising on lower volume. Tomorrow the ECB will announce it’s QE program. This will dominate trading as to small a number will likely cause a decline while a high number will cause markets to rally. I will be away for a few days, the updates will resume next week. Jerry