Leaders Index 11-13

After a weak open the market tried to rally but again fell short. The major averages sold off into the close and finished near their lows of the day. Volume was higher across the board and above average on the Nasd. Leading stocks were about flat on the day as the leaders index rose .01% on higher and above average volume. The chart is being ruled by a decling 17dma. The major averages continue to trade below their 200dma’s and the 21dma on the COMPQ joined the 10dma below the 200dma. The inability of the market to have any kind of bounce after selling off is very negative and it appears that the market will continue it’s decline. Jerry