Leaders Index 9-20

The market opened strong and had a good rally going before there was a nasty reversal and all the gains were lost and all the major averages closed lower except the Dow. The major averages all closed at the lows of the day on slightly higher volume. This produced a distribution day for the Nasd. Leading stocks reversed also and closed mostly lower. The leaders index dropped 3.20% on very heavy volume with NFLX, SINA and TZOO accounting for most of the decline. There are so many badly broken stocks in the index that even though I don't think we will have any great rally here I may have to come up with a new index so it is more relevant. The Nasd closed below both the 2600 level and it's 50dma so those important levels were lost. Much will depend on what the Fed does tomorrow. Jerry