Leaders Index 11-12

The market traded around unchanged most of the day and after a weak rally attempt lost the gain and all the major averages closed little changed on the session. Volume was lower and well below average on the Veterans Day holiday. Leading stocks mirrored the overall market as the leaders index fell .12% also on very light volume. The COMPQ and the SPY both remained below their respective 200dma’s and are starting to live below these important moving averages. There has been no bounce of any kind after the recent sell off which is a very negative sign. If the market can’t get anything going on the upside with some conviction it will likely head lower. Jerry