Leaders Index 10-9-25

The market pulled back moderately today after a strong session yesterday. The major averages opened mixed and then went into negative territory, where they spent the rest of the session. A little late strength saw the major averages finish mixed also. The NASD averages finished high in their intraday trading ranges while the New York averages closed low in their trading ranges. The COMPQ and the NDX fell .08% and .15% respectively. The SPX declined .28%. Volume was also mixed, higher on the New York and lower on the NASD. This produced a new distribution day on the New York averages. Leading stocks sold off as well. The leaders index fell .88% on the day. The index closed in about the middle of its trading range on lower and very light volume. The market put in a strong session yesterday, making new highs. Today it pulled back a little, but the declines were moderate. The charts of the leaders index and the major averages look strong, but the New York averages broke below their short term 10dma’s. Market internals were negative and the NYSE advance decline line moved further away from its highs. Yesterday’s action was very positive and the rally remains on solid ground. Jerry