Leaders Index 8-29-18

The market has been acting well in the last few days. The major averages opened higher today and worked their way up for the rest of the session. All the major averages finished at or very near their intraday trading highs, a sign of strength. The Nasd averages led the way with the COMPQ and the NDX gaining .99% and 1.19% respectively. The SPX rallied by an also strong .57%. Volume was mixed today. It was higher on the New York and lower on the Nasd. Leading stocks had a good session as well with the leaders index gaining .77% on the day and closed near the top of its trading range. This was a new high for the leaders index on both an intraday and a closing basis. Volume was the highest in almost two weeks and was above average. This is positive. The market has been acting very well recently. Before I left I said we needed to see two things to improve the picture. New highs in the major averages with conviction and a continued rally in the leaders index on higher volume. We have gotten both. A rally on Monday to new highs on heavy volume got this latest advance going and the leaders index made new highs today on heavy volume. There is usually something of a pullback when everything looks too good, but both individual leading stocks and the overall market are doing well so participating is the best course of action. Jerry