Leaders Index 5-21-15

The market had another pretty range bound session today. After opening slightly lower the major averages worked their way higher and all the major averages closed in the upper parts of their intraday trading ranges. The Nasd averages led the way with the COMPQ higher by .38% and the NDX gaining .54%. The SPX brought up the rear with a gain of .23%. Volume was mixed, lower on the Nasd, which had the best gains, and higher on the New York. Leading stocks were mixed on the day with the leaders index losing .14% on about flat volume. This is the first down day on the index since the follow through so the index is still in good shape. We remain in a trading range. Even with a follow through the major averages have been unable to make any real progress. Stocks producing real gains are few and far between. This is typical of late cycle action. It is very hard to make any progress, so while you can take some positions, expectations should be kept modest. Jerry