Leaders Index 4-22-15

The major averages opened a bit lower today but found their footing after a little more than an hour of trading. They then spent the rest of the session working their way higher to close with moderate gains. The SPX led the way with a gain of .51% while the COMPQ was up by .42%. The semiconductors again were the strongest group with the SOX gaining 1.37% on the day. All the major averages closed at their intraday highs, a sign of support. Volume was mixed. Higher on the New York and about flat on the Nasd. The COMPQ finished just below it’s recent high and looks like it is ready to break into new high ground. Any strength in the next few days should get it there. Leading stocks had a mixed session. After several days of quality growth stocks outperforming the major averages that changed today as leading stocks lagged. The leaders index fell .73% on higher and well above average volume. The index sold of early and traded below it’s important 17dma but rallied back. It closed near the top of it’s intraday range and got back above it’s 9dma. It remains above all it’s short term moving averages. The index looks like it is holding up well. Four stocks in the index, AKRX, CMG, SMCI, and ILMN, were hit hard today on very heavy volume. This is what caused the index to be down today on such heavy volume. Considering the size of the losses in these stocks the index is still looking pretty good. Leading stocks took a bit of a rest today but overall things are still looking ok for both the major averages and leading stocks. Jerry