Leaders Index 2-16

The market rallied back today and regained all the ground it lost yesterday and then some. All the major averages closed at new highs for the move and finished at the highs of the day. Volume dropped across the board. You would prefer to see volume rising on a snap back from a distribution day like yesterday, but it doesn't always have to happen. All the major averages are also back above their 10dma's. Leaders outperformed the overall market as the leaders index rose 1.62% to close at a new high on strong volume. New breakouts continued as AAP and GNC gapped out of bases on heavy volume. The market righted itself after yesterday's sell off and the rally looks like it is in good shape. Jerry