Leaders Index 5-2

The market reversed yesterday’s decline and the major averages matched or exceeded recent highs. The gains were solid and ranged from .77% on the NYA to 1.26% on the COMPQ. Volume was lower across the board so there was no FTD on the COMPQ but it was enough of a reversal day to turn the buy switch on the MEM back on. Leading stocks had a good day also as the leaders index rose 1.75% on higher and well above average volume. The index is back above it’s 9dma and 17dma, but is still in it’s recent trading range. The index was put together on 3/5 and has essentially gone no where since. There are several broken stocks in the index holding it back, and although candidates are slim right now next week I will try to put together a new index. The market still seems to want to go higher, but caution is still warranted. I will be away this weekend, the updates will resume next week. Jerry