Leaders Index 2-7

The market sold off early and then spent the rest of the day rallying back and regained most of the losses. The major averages closed near their highs of the session and volume was slightly lower across the board so there was no distribution. Leading stocks had a rougher day as the leaders index declined 1.32% on lower but still above average volume. The index fell back below it’s 17dma and the RS line turned back down. The market mostly recovered from early weakness which is good, but the rally is developing a sloppy feel to it and we are likely near it’s end. Jerry