Leaders Index 7-20-15

The market ended up slightly higher today. The major averages closed off their intraday highs but still in positive territory. The action again was in the large cap tech stocks with the COMPQ up by .17% while the NDX again led the way with a gain of .39%. The SPX was up only .08% on the session. Volume was lower across the board, as would be expected after an expiration day. The major averages are holding up well after their recent advance, which is a positive sign. The small and mid cap stocks continued weak with both the RUT and the MID lower on the day. The SOX was also down, showing weakness in the semiconductor stocks. Leading stocks had a mixed session as well with the leaders index flat on the session, showing only a .03% gain. The index closed low in it’s intraday trading range on very high volume. Today’s action had a look of churning off the highs. The volume in the last few day’s has been very heavy with most of the action in the large caps. This is typical late cycle action, but you never know how long it will last. The major averages are hold their recent gains well so it would not be surprising to see them work their way higher in at least the short term. Jerry