Leaders Index 11-21

The market got hit hard today on fears from Europe and the super committee failing to make any deal. Everyone ran for Treasuries and the dollar. I guess the U.S. is still the prettiest nag in the glue factory. The major averages fell about 2% on mixed volume, heavier on the Nasd and slightly lower on the NYSE. This produced distribution on the Nasd. Leading stocks were down less than the overall market with the leaders index declining 1.44% on higher volume. We gapped below the 50dma on the major averages and is appears the second leg down is under way. Jerry