Leaders Index 7-25

The market sold off today, although it could have been a lot worse considering the news over the weekend. The markets held up pretty well, which shows there is some support. Volume was mixed, higher on the NYSE and lower on the Nasd. This produced a distribution day for all the New York averages. The leaders declined about in line with the major averages on very light volume. The leaders index fell .61% and the 9dma is now below the 17dma. The index closed near the lows of the day showing there wasn't much bounce in the top stocks. We remain in a news driven market and are still in the trading range we have been in for six months. Until we break out of this trading range and develop a trend in one direction or the other opportunities will remain limited. Jerry