Leaders Index 1-15-15

The markets opened a bit higher but quickly turned around. We then spent the rest of the day selling off and all the major averages closed at their intraday lows. The COMPQ was hit particularly hard with a loss of 1.48% while the SPX lost .92%. Volume declined across the board so there was no distribution on the session, but it was certainly an ugly day. The Nasd averages undercut their recent lows while the New York averages are slightly above theirs. Leading stocks were hit hard as well as the leaders index fell 2.61% on higher and about average volume. This shows distribution in leading stocks. In fact there were only three stocks in the IBD 50 that were higher on the day. There isn’t a lot more to say about the market right now. There is no reason to be long and the short side is dangerous due to recent turnarounds. Until we have a real trend one way or the other the side lines is the safest place to be. Jerry