Leaders Index 1-28

The market traded mostly modestly lower most of the day and the major averages closed flat on the session. After the gains of recent days it is not unusual for the market to take a rest. Volume was mixed, slightly higher on the Nasd and a bit lower on the NYSE. This prevented a distribution day on the NYA, although there was a stalling day on the COMPQ. There is a lot of distribution built up on the major averages now. Leading stocks were generally a bit weaker but the leaders index took a pretty good hit, declining 3% on very heavy volume. There was some general weakness in members of the index, but most of the damage came from DDD and SSYS as the 3D printer stocks got hit hard on heavy volume. The index is sitting on it’s 17dma and it is important for this moving average to hold. The rally is intact, but there are definite signs of age that should be closely watched. Jerry