Leaders Index 10-22

The market opened lower and was down most of the day until a late rally took the major averages into slightly positive territory on the session. Volume was lower across the board so it would be hard to consider this much of a reversal day as true reversals that result in a meaningful change of direction have the conviction that only large institutional investors can provide. Leading again did worse than the overall market with the leaders index falling further below important moving averages by declining .45% on lower but still above average volume. The 50dma on the COMPQ has now flattened out and the 10 and 21dma's are now well below the 50dma. Nothing that happened today makes me any more positive on the current market environment and it looks like the correction will continue. Jerry