Leaders Index 1-14

The market was pretty quiet today as it traded in a fairly tight range. The major averages were lower most of the day and closed mixed with the NYA and DOW up a bit while the SPX and COMPQ were down slightly. Volume was mixed, lower on the New York and higher on the Nasd. This and the .26% drop in the COMPQ produced a distribution day on this index. Leading stocks were mixed also with the leaders index declining .28% on lower and about average volume. The index tagged the 9dma and held it. Both the major averages and the leaders index are consolidating recent gains in a fairly orderly manner. The rally is still intact. Jerry