Leaders Index 12-1

The market didn't do much today as it did a good job consolidating the gains of yesterday. The major averages were mixed with the Nasd averages up slightly and the NYSE averages down slightly. Volume declined considerably from yesterday's high levels but was still pretty solid on the Nasd. Leading stocks treaded water also with the leaders index rising by .16% on very high volume. Much of that volume increase was due to LULU which had a generally negative response to it's earnings report, but rallied to close the day at it's highs. We are still below the 200dma on the major averages and are waiting for an FTD to confirm the rally attempt. Jerry