Leaders Index 5-13

The market had another day of consolidating recent gains as the major averages were flat on the day. Volume was slightly lower across the board, which is the kind of action you want to see. Leading stocks again outperformed the overall market as the leaders index rose .64% on lighter and slightly below average volume. The index set new highs on both a price and a relative strength basis. The action looks constructive as both the major averages and quality stocks are acting well. Few stocks are lighting any fires but there have been a good number of breakouts recently and they have been showing some gains. As long as recent breakouts hold up it would appear the market is heading higher. Jerry