The market had a mixed day on Friday.The Dow was strong, mostly due to IBM while the other major averages were mostly lower during the day. A late rally brought the averages up to their highs of the day which is where they closed about flat on the day. Volume was flat on the Nasd and higher on the NYSE, mostly due to expiration . The market is extended now but seems to be holding up well. The %E's are at 3.21% which is pretty low so the chance of at least a short term pull back is high. We have been rallying for a few weeks now so I thought a new leaders index would be in order. It should give us a better idea of how leading stocks are acting in this rally as many in the last index are badly broken. This index contains 23 stocks in 18 different industry groups. It was harder to make up this index than past ones, which says something about the thin(but improving) leadership of this rally. The index has been riding the 9dma for over two weeks but showed some weakness Friday as it dropped .25% on higher and above average volume. This was a distribution day for the new index. The previous index was much weaker on the day. Jerry
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