The market was lower all day and the major averages were down about 1% on the day. A late rally erased a good part of the losses and the COMPQ closed down .5% while the New York averages were flat. Volume was lower across the board so there was no further distribution today. Leading stocks got hit harder than the overall market as the leaders index fell 1.99% on lower but still well above average volume. Although it closed well off it's lows the chart of the leaders index looks pretty bad. Two big red candles in a row are not a good sign and the index is now well below it's 17dma.In addition only 13 stocks in the IBD 50 were up on the day. Quality stocks are leading the market lower and that is rarely a positive sign. Jerry
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