Leaders Index 11-29

The market was mixed today with the New York averages up slightly and the Nasd averages down slightly. Volume was a bit lower across the board so there was little conviction in either direction. S&P downgrades most major banks after the close and as of this writing the futures are down. Leading stocks were on balance a little weaker as the leaders index dropped .56% on lower and very light volume. The index has not had a day of above average volume in weeks. The 50dma on all the major averages remains the thing to watch and if it cannot be overcome we will likely see a retest of the Oct. lows. Jerry