Leaders Index 12-12

The market opened sharply lower and was down all day. The effect of the agreement in Europe on Friday wore off and the market reversed it's previous gains. The major averages dropped between 1.3% and 1.86% on lighter and well below average volume. They closed well off the lows but the day's action was weak. Leading stocks declined about in line with the overall market with the leaders index declining 1.51% on lower volume. We remain in a whipsaw market where it is difficult to make money on either side of the market so caution is the word of the day. Jerry