Leaders Index 9-17

The market pulled back slightly today as the major averages declined between .17% on the COMPQ and .59% on the NYA. Volume declined across the board and was well below average, partly as a result of the Jewish holiday. Leading stocks were down about in line with the overall market as the leaders index fell .42% on lower and extremely light volume. After the rally of the last week or two the market certainly deserves a rest and today's action was constructive. The market had a small decline on light volume. Just what you expect in a rally that has further to run. Leaders have been underperforming the major averages as can be seen in the RS line of the leaders index against the SPX, that peaked on 9-4. The rally appears to be in good shape and any correction or consolidation here should be mild. Jerry