Leaders Index 6-15-15

News of a breakdown in the talks over a Greek bailout caused the US markets to follow European markets lower at the open. The major averages had some decent losses early but saw their intraday lows in the first half hour of trading. From there they recovered most of those losses. The COMPQ closed down .42% but near the top of it’s trading range while the SPX fell .46%, but it finished in the upper half of it’s intraday trading range. Volume was higher across the board so there was distribution on all the major averages, but the fact that they recovered most of their opening losses mitigates this somewhat. Leading stocks had early losses as well but they recovered much of the decline as well. The leaders index declined only .21% on the session, much less than the overall market. The index finished in the upper half of it’s intraday range, and after trading below it’s 9dma is rallied to close above this shirt term moving average. Volume was slightly higher but still below average. The fact that quality growth stocks are outperforming the major averages is the best thing this market has going for it. You really can’t argue with an index of 21 growth stocks that is riding it’s 9dma. It could have been at lot worse today. Jerry