Leaders Index 4-16-15

The market closed today with small declines in the major averages. After some mid day strength it looked like there could be another advance today, but some late weakness saw the major averages lose those gains. The COMPQ closed lower by only .06% while the SPX fell by .06%. Volume was lower across the board, which is what you want to see when the market is consolidating yesterday’s gains. The major averages closed in the bottom half of their intraday ranges. Leading stocks mirrored the overall market as the leaders index had small losses. The index fell .18% and closed in about the middle of it’s intraday trading range. The index traded below it’s 9dma but closed above it, and it is well above the important 17dma. The tone of the market has improved in the last few days as we are starting to see rallies on higher volume while the declines come in lighter trade. Individual quality growth stocks are showing some slightly better action, with particular strength in the cyber security group. We are still stuck in an indecisive trading range with no real trend. There seems to be some money to be made in top quality stocks, but there is enough reason to be cautious so maybe being less than fully invested is a good idea. Jerry