Leaders Index 5-23

The market sold off hard today mostly on downgrades in Europe. Volume was lower across the board so there wasn't distribution on the averages. All the major averages broke below their 50dma's and are below their recent lows. The leaders had a tough day also with the index declining 2.24% on lower volume. The leaders index cut below its 50dma after a recent attempt to get back above important moving averages. The correction continues to deepen and barring dramatic news the market appears to be heading lower. Mike will be back later this week and when he has everyone approved for the canslim forum I will stop posting on this Google group and post only at the new EV site, [url]http://www.effectivevolume.com/[/url]. Jerry