Leaders Index 10-4

We had a wild ride today. The market opened down hard and after a feeble rally attempt sold off to new lows for the move. It looked like it would be another ugly day but in the last hour the market turned around and rallied to gains of between 2% and 3% on the day and closed at the highs. Volume was very heavy. Leading stocks turned around with the market as the leaders index, after setting a new low for the move, rallied to close up 2.96% at the highs of the day. Volume was also very high. News that the Europeans might have a plan to recapitalize their banks seems to have caused the turnaround. This reversal doesn't seem to me to be anything significant and a few days of rallying might provide an opportunity for shorting. Jerry