Leaders Index 10-2

After opening higher the market spent most of the rest of the day selling off until a late rally produced a mixed close. The major averages ended up slightly on volume that was lower across the board. Leading stocks had a trading pattern that was similar to the overall market. They ended up finishing little changed after closing off their lows and in the upper half of their trading ranges. Volume was higher and slightly above average. Both the major averages and the leaders index seem to be putting in patterns of lower highs. We will have to see if they take out recent lows and extend the pattern to lower lows. Jerry