Leaders Index 5-17

The market had another overall negative day today. Although it rallied back from large early losses to close near the highs the internals were all down. Volume rose across the board but only the Dow was down enough to have a distribution day. The leaders also recovered from early weakness to close near their highs. The leaders index rose .42% on strong volume. It closed near the highs of the day, but could not get back above the 50dma. This is important and if the 50dma also becomes resistance for the index it will probably continue its decline. Jerry