Leaders Index 11-1

The market got hit hard again today on more bad news out of Europe. The major averages fell almost 3% on very heavy volume and are all now well below their 200dma's. This produced distribution days on all the major averages and IBD went to market under pressure. All the gains on the news of a deal in the Euro zone last Thursday are gone and we are back to gyrating back and forth on the latest headline. This is getting very old and it is long past time for the Europeans to either approve a real deal that all will support or let the broke countries default and get the pain over with so we can all move forward. Leading stocks did a bit better than the overall market with the leaders index declining 1.92% on heavier volume. It is looking like this was a bear market rally and although news stories could cause short pops it is hard to get excited about the long side. Jerry