Leaders Index 12-15

The market opened strong today and spent the rest of the day giving back much of those gains. All the major averages closed near the lows of the day, which is not a positive sign. Volume was lower across the board so the pattern of weak lower volume rebounds continued. Leading stocks performed about in line with the major averages. The leaders index declined .33% on higher volume, but this was because ATHN dropped 15% on very high volume. The index is sitting right on the 200dma. Recent leading stocks like CMG and SWI are breaking back into down in recent bases and consolidations, which is another cautionary sign. We continue to whip saw back and forth with no real progress in either direction. The sidelines is probably the best place to be. Jerry