Leaders Index 9-8

The market was holding around unchanged today until Bernanke spoke and then sold off the rest of the day and finished near the lows. Volume was mixed, slightly lower on the NYSE and higher on the Nasd. This produced a distribution day on the Nasd Composite. The leaders sold off about in line with the overall market on higher and above average volume as the leaders index fell .99% and closed back below the 200dma. It is looking more and more likely that there will be some form(no matter what they call it) of monetary easing in the future. The reaction to Bernanke today raised questions about whether the market's reaction to this round will be the same as the other two. Jerry