Leaders Index 11-5-15

The market had another quiet consolidation session today. The major averages were lower most of the day and finished in about the middle of their intraday trading ranges. The COMPQ fell .29% while the SPX declined .11%. Volume was lower across the board, which is what you want to see when the market has made some recent advances.Leading stocks again outperformed the overall market with the leaders index gaining 1.05% on lower and below average volume. This is the second day in a row that quality growth stocks had gains while the major averages rested. The chart of the leaders index is starting to look a bit better as it is now comfortably above it’s important 17dma. The market continues to act pretty well with down days being mild and usually on reasonable volume. More buyable stocks are acting better and while strong gains are still rare worthwhile gains are becoming more common. The market appears to want to work it’s way higher. The employment report before the open tomorrow will set the tone for trading. Jerry