Leaders Index 7-26

The market had another bad day today as all the major averages sold off. Volume increased across the board and the New York averages had another distribution day.The Nasd avoided distribution as tech stocks held it to a small loss. All the major averages closed at the lows of the day. The leaders held up better than the overall market as the leaders index closed about flat on the day on higher volume. We can't seem to get any traction and the market remains in it's trading range. What breakouts we are having are either producing small gains or are blowing up completely. I see little to get excited about in either direction right now. Jerry