Leaders Index 10-20

After bouncing around early the day the market sold off on news the European summit would be delayed because there still was no agreement. The major averages rallied later in the day to close near the highs of the day. Volume was higher on the NASD and it closed down .21% so there was another distribution day on this index. Leadership was still being hit as leading stocks suffered again as the leaders index dropped .34% and is now back below the 50dma. Volume was lower than yesterday but still well above average. This is the fourth day in a row that the leaders index was weak on heavy volume and many of the stocks are now pretty badly broken. Events in Europe will likely dominate the market in the short term and it doesn't look promising over there. Jerry