Leaders Index 12-17-25

It was an ugly day in the markets. The major averages opened little changed, but it was all downhill from there. The major averages finished low in their intraday trading ranges. The worst of it was again in the NASD with the COMPQ and the NDX falling 1.81% and 1.93% respectively. The SPX lost 1.16%. Volume was higher across the board, producing a new distribution day on all the major averages. Leading stocks were hit pretty hard as well. The leaders index fell 2.83% on the day. The index closed low in its trading range on higher and about average volume. The market had a bad session all around today, continuing the action of the last few days. There were large losses in the major averages and individual stocks. It is funny how just last Thursday the rally looked pretty solid, and then the reversal on Friday changed everything. The rally is in serious trouble right now. All the major averages are now well below their 50dma’s, which are now serious resistance. After the close MU came out with good earnings and the stock is rallying. Futures are a little higher as of this writing. The CPI report comes out before the open tomorrow, hopefully it will be friendly to the market. The action of the last few days has been pretty bad. A more defensive posture is called for. Jerry