Leaders Index 6-8

The correction continued as the market was lower all day and closed near the lows of the day. Volume increased across the board as institutional selling continued. The leaders continued to lead to the downside as the index dropped 2.05% on higher and above average volume. In fact, volume has risen every day for the last four as the decline deepened. We have had significant selling for over a week with no sign of a bounce. The Nasd is getting close to the 8% level, which is a major line in the sand. When the market sells off and can't even manage a weak bounce lower prices are usually ahead. Jerry