Leaders Index 12-8-16

The rally continued today with all the major averages again reaching new high ground. After opening higher the major averages started selling off during the session, but more buyers stepped in and they all finished near the top of their intraday trading ranges. The COMPQ gained .44% on the day while the SPX was up by .22%. The greatest strength was again in the small and mid-cap stocks with the RUT and the MID up 1.60% and 1.09% respectively. Volume was mixed on the session, higher on the Nasd and lower on the New York. Leading stocks participated in the day’s action with the leaders index gaining .87%. The index closed in about the middle of its trading range and volume was slightly above yesterday’s level. It also moved a little higher above its short term moving averages. After taking a break last week the post-election rally looks like it is back on track. All the major averages, except the NDX, are in new high ground. We may be a little extended right now, but there is certainly a bid under the market. Jerry