Leaders Index 9-29-15

The market opened strong today, but couldn’t hold the gains. After a big sell off like yesterday the quality of the bounce is important. The major averages reached their intraday highs a little over an hour into the session and it was mostly lower from there. Final results were mixed with small gains in the New York averages and losses in the Nasd averages. The SPX was higher by .12% while the COMPQ lost .59%. Volume was lower across the board from yesterday but still above average on both exchanges. All the major averages finished in the lower half of their intraday ranges. Leading stocks were lower as well with the leaders index declining .36% and closing in about the middle of it’s trading range. Volume was lower but still above average, like the major averages. Today’s action did little to improve the overall picture. You would have liked to see a strong rebound after yesterday’s decline, but we didn’t get it. The futures are showing a rally as of this writing, but I would use any strength here as an opportunity to get some short positions. Jerry