Leaders Index 10-29-15

It was a quiet session today as the market consolidated yesterday’s gains in a pretty constructive manor. The major averages were lower the entire day, but the declines were small. The COMPQ fell .42% while the SPX was about unchanged with a decline of .04%. Both finished high in their intraday trading ranges and volume was lower across the board and below average on both exchanges. This is positive action after a sizable gain yesterday. Leading stocks were weaker with the leaders index falling 1.71% on lower and well below average volume. The index closed in about the middle of it’s trading range and is just below a confluence of the 9dma and the 17dma. Quality growth stocks continue to underperform the overall market as can be seen in the relative strength line of the leaders index. It made a new low today and is now trading below it’s 50dma for the fourth session in a row. The major averages are still acting like they want to go higher, but the action of quality growth stocks continue to lag. This is not a strong rally, but there may be some modest money to be made in the right issues. Jerry