The market pulled back today after Friday’s gains. Overall the decline was fairly well contained. After opening close to unchanged the major averages traded in negative territory all day and ended near their intraday lows. The COMPQ fell .20% while the SPX was harder hit with a decline of .51%. All the major averages are holding above their respective 50dma’s, which is good. Volume was lower across the boars, showing that large institutional players were not heavy sellers. This is a good sign. Leading stocks had a decent day with the leaders index climbing .65% on the session. The index closed in the lower half of it’s intraday trading range and the important 17dma is still serving as resistance. Volume on the index was lower than Friday and well below average. You would rather see increasing volume after rallying back from a selloff. Quality growth stocks have out performed the overall market for the last couple of days, which is good, but few are still acting well. The next hurdle for the leaders index id to get back above it’s 17dma with some conviction. For now caution is still warranted. I will be away for a few days, the updated will resume next week. Jerry
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