The market was lower all day today in what looked like might turn into a pretty negative day. A late rally erased much of the losses and the major averages closed near their highs of the day. Volume was slightly higher across the board, but only the NYA got a distribution day because the late rally brought the other averages to a loss of less than the .20% required. Leading stocks did better than the overall market as the leaders index rose by .74% on the day, setting a new high on a RS basis for the index. The index had a lot of diverse action under the surface as HCII rose 7.11% and QCOR was up 14.75% on the day. At the same time N dropped 4.77% and FIRE was down 5.04% for the trading session. Neither the major averages of the leaders index have made much progress since the last FTD and the rally, while on track, seems fragile. Jerry
Reply With Quote