Leaders Index 9-23

After a weak opening yesterday the market rallied into positive territory. It was a pretty weak rally with much smaller percentage gains than recent losses and much lower volume than we saw on the declines. The NYA is down 22% from it's highs and the other major averages are down about 17%. Leading stocks acted about in line with the overall market yesterday with the leaders index rising .44%, but volume was again much lower on the up move than on the declines. Yesterday was a weak bounce after the recent decline and it looks like lower prices are ahead. Jerry