Leaders Index 12-8

The market was weak all day and sold off into the close to finish near the lows of the day. Volume was mixed, slightly lower on the NYSE and higher on the Nasd. This produced a distribution day on the Nasd averages. News that the ECB would not buy up every bond in sight just yet and that Germany was not happy with the EU treaty changes sent the market lower. Leading stocks sold off as well as the leaders index declined 1.87% on lower and very light volume. The 50dma was resistance for the move. It seems the 200dma will contain another rally attempt in the major averages and we will likely retest the lows of two weeks ago. Jerry