Leaders Index 8-30

The market was down all day today and the major averages closed at the lows of the day. They were down between .78% and 1.05% on the session. Volume was down across the board and was extremely light before Bernanke's address at Jackson Hole tomorrow. Leading stocks were lower on the day with the leaders index declining 1.57% on higher volume. This was distribution on this index. It closed right on the 9 and 17dma's where it should find support. The major averages are at the lower end of their recent consolidations and any real weakness from here will be a real negative, but right now the rally isn't lighting any fires but it seems intact. Jerry