Leaders Index 1-23

After selling off early the market rallied back to close about unchanged on the day, although all the major averages closed well off their intraday highs. Volume declined considerably across the board and was below average. Leading stocks performed a little better than the overall market as the leaders index rose .31% also on lower and below average volume. It tagged it's 9dma again bit held it. The market seems to be consolidating recent gains well. It is overbought, but it refused to correct much. An overbought market that will not correct it likely to work it's way higher, at least in the short term. Jerry