Leaders Index 2-29

The market started off a bit higher at the opening and after setting new highs for the move it then had a pretty nasty reversal. Volume was higher across the board producing distribution days on all the major averages. Except for the small caps they all remained above their 10dma's. Today's action qualified as an S11 reversal day that brought the market school model count to +4. Leading stocks under performed the overall market with the leaders index dropping .75% on very heavy volume. It also closed below the 9dma for the first time in a month. Today's action was the first real negative day in a while and while one day's action does not kill a rally it should make us take notice. I will be away for a few days and the updates will resume next week. Jerry