Leaders Index 4-8

The market sold off early then reversed and spent the last couple of hours rallying. The major averages finished at their highs of the day with gains ranging from .57% on the COMPQ to .63% on the SPY. The 50dma held on the COMPQ and all the major averages are holding in a recent consolidation range. Volume was the main issue as it fell across the board and was well below average on both exchanges. Leading stocks generally performed well and the leaders index rose .76%. The problem here again was the volume. It was extremely low and was the lowest in two weeks. In fact the leaders index has had only one up day on above average volume in the last seventeen days. The index also remained below it’s 17dma for the fourth day. It will have to break above this important moving average with conviction to improve the picture. Jerry