Leaders Index 6-15

The rally attempt of yesterday didn't last long. The market sold off hard on bad economic news and Greece. The major averages dropped between 1.5% and 2%. Volume increased across the board, continuing the pattern of up days on light volume and down days on heavier volume. The Nasd averages and the NYSE Composite are now below their 200dma's and are falling further below the 8% correction level. The leaders fell about in line with the major averages, but held the low of two days ago. Volume was higher and above average. Right now we are seeing declines in stocks, commodities and real estate securities while the yield on ten year Treasuries is falling below 3%. This is what you see when markets are expecting an economic slow down. It is becoming more and more clear that we are in a bear market. Jerry