Leaders Index 5-15

The market started out strong today but then reversed and gave up most or all of those gains. It looked like we were going to have a nasty reversal on the day, but then the market rallied into the close and recovered most of those gains to finish with a solid advance. All the major averages closed near their highs of the session and volume was up across the board. Leading stocks did not do as well as the overall market as the leaders index closed with a fractional loss of .06% on lower but slightly above average volume. Many quality stocks had good gaines early and then gave them up by the close, such as LNKD and ALK. The market has had a strong advance recently and both the major averages and leading stocks are doing well. We are certainly due for a pull back, but the fact that the market had the opportunity to have a real reversal day today and didn’t shows that there is real strength in the market and that the rally is likely to continue. Jerry