Leaders Index 10-31

The market sold off hard today with the major averages declining over 2%. Volume was mixed, lower on the Nasd and higher on the NYSE. This produced a distribution day on all the New York averages. It also took all the major averages back below their 200dma's. Leading stocks held up better than the overall market with the leaders index dropping 2.12% on lower and below average volume. The market gave back most of the big gains it made on Thursday and it would have been more encouraging if it would have had lighter declines without distribution and stayed above the 200dma's. Jerry