Leaders Index 9-2

The market took a hit yesterday on weak employment data as the major averages dropped about 2.5% on the day. Volume was light as would be expected on the Friday before the Labor Day weekend. The leaders also took a hit, dropping 2.92% on higher but still below average volume.The sell off took the index back below it's 200dma. The declines of the last two days saw the major averages close near the lows of the day and only the low volume, much of it due to the holiday prevented distribution days. The last two days action killed any chance of a weekly Coppock buy signal so the recent FTD had only one of the three confirming indicators, a Eureka that was canceled by a Phoenix yesterday. This rally looks to be on life support and it's chances of proving to be successful are slim. Jerry