Leaders Index 1-7

The market was lower all day except when the COMPQ made a brief visit into positive territory before selling off. All the major averages ended the session with small losses, but volume was slightly lower across the board showing there was no real conviction in the selling. The major averages all finished in the upper half of their respective trading ranges, showing support. Leading stocks continued to do well as the leaders index rose .57% on the day on higher and well above average volume. Both the index and the RS line set new highs for the move. Some leading stocks are starting to generate worthwhile gains. The leaders index has been up five days in a row now with four of them on above average volume. The market is acting well and the rally is on solid ground for now. Jerry