Leaders Index 8-3

The market bounced around today, but a late rally took it to moderate gains. The major averages closed at the highs of the day on very strong volume. The leaders had a solid day also with the leaders index rising 1.76%, also on very strong volume. The market is oversold and something of a bounce is to be expected. All the major averages remain below their 200dma's and this moving average will likely provide resistance. We will have to see how the market reacts if and when it hits this resistance level. Jerry