Leaders Index 4-19

The market opened higher today but quickly lost it's gains. In about an hour the major averages started selling off and declined for the rest of the day before staging a small rally of the lows near the close. The major averages closed down about two thirds of a percent and closed near the lows of the day. The SPY and COMPQ broke back below their 50dma's and volume was up across the board, but especially high on the Nasd. Leading stocks also gave up early gains and closed weak as the leaders index declined .80% on lower but still above average volume. Many leading stocks broke down on volume. The fact that the major averages could not hold a rebound above the 50dma is a very negative sign. Jerry