Leaders Index 12-4

The market bounced around unchanged all day before finally closing with small losses. The major averages finished off their lows but still firmly negative. Volume was higher across the board but the losses were to small the produce distribution. Leading stocks were off more than the overall market with the leaders index dropping 1.30% on slightly lower and about average volume. The index seems to be finding resistance around it’s 50dma. The COMPQ and the SPX also seem to have been turned back ay this important moving average. The rally attempt seems to be losing steam and if we don’t get a move up soon above the 50dma with conviction it will likely roll over. Jerry