Leaders Index 8-12

The market was less volatile on Friday than the rest of the week. It managed to close higher two days in a row for the first time in what was a really wild week. We closed off the highs but in the upper half of the trading range. The market looks to be trying to rally here but it has the look of a wedging rally on lower and lower volume. Volume was about average on Friday. The leaders outperformed the overall market, rising 1.27% on the leaders index on lower and below average volume. The leaders index is also showing a wedging type of rally. The market seems to be trying to get an oversold rally going and it has a some help. The A's-E's/Total turned up at the end of the week showing less selling pressure. The 200 dma is the first major resistance and we will have to watch the quality of the rally if it approaches that level. It it is poor the 200dma will probably be a good shorting opportunity. Jerry