Leaders Index 8-20-14

The market had a fairly quiet session today. There was early strength followed by a sell off after the Fed minutes were released. Things quickly recovered and the major averages showed strength into the close. The New York averages were a bit higher with the SPY up .25% while the DOW was up .35%. The COMPQ was flat on the day, declining .02%. Volume was lower across the board, which is positive on a day like today. The leading stocks treaded water as well with the leaders index down slightly. It lost .23% on lower and well below average volume. There was a green candle today as the index closed above it’s opening price, a sign of strength. Both the major averages and quality growth stocks seem to be consolidating recent gains in a pretty constructive manor. I don’t think anyone is lighting any fires, but the market seems to want to work it’s way higher. Jerry