Leaders Index 9-4

The market had a mixed day but the tone was generally positive as there was an early sell off but the major averages rallied back from their lows. While there was a late decline off the highs all the major averages closed well off their lows and near the highs of the day. Volume was higher across the board and the losses on the New York averages were to small to constitute distribution. Leading stocks had a much better day as the leaders index broke out from it's recent consolidation and advanced 2.42% on higher but still below average volume. Several components of the index broke out of bases, led by index members SWI and CAB while MLNX rose to new highs. The market seems to have a bid under it and the fact that quality stocks are leading the way higher is a positive sign. Jerry