Leaders Index 11-17-25

The market continued to deteriorate today. After showing a little strength early the selling came in and the major averages sold off most of the remainder of the session. All the major averages finished low in their intraday trading ranges. The COMPQ and the NDX fell .84% and .83% respectively. The SPX lost .92%. Volume was mixed, higher on the New York and lower on the NASD. This produced distribution on the New York averages. Leading stocks sold off as well. The leaders index fell 1.51% on the day. The index closed in the lower half of its trading range on lower and below average volume. The picture continued to darken today. The major averages declined again and after holding their important 50dma twice they finally broke below it today. This is a very negative development. The charts of leading stocks and the major averages look pretty ugly right now and the old leadership has been hit hard. It certainly looks like we are in a correction right now. On Wednesday NVDA will release its earnings after the close and they will be critical to the market. If they are bad further weakness is to be expected. Keep your fingers crossed for a blowout earnings report. Jerry