Leaders Index 4-3

The market was lower early and then sold off on the release of the Fed minutes. Even though the major averages finished off their lows it was a down day all around. Volume was considerably higher across the board so there were distribution days on all the major averages. Leading stocks did much better than the overall market as the leaders index rose .66% on the highest volume in over two weeks. The RS line of the index has turned up and it is back up to it's 9dma. The distribution count is at very high levels which on it's own can kill a rally, but both the major averages and leading stocks have not rolled over yet. Jerry