The market continued to pull back after it's recent advance. The decline was pretty tame as the COMPQ was flat and the biggest loser was the NYA, which declined .26%. Volume was up across the board and this produced a distribution day on the NYA. Leading stocks continued to pull back as well as the leaders index declined 1.02% on higher and above average volume. The index tagged it's 17dma today but rallied back and closed right at it's 9dma. The leaders have been underperforming for a while now as can be seen in it's RS line. It peaked two weeks ago and has been going side ways ever since. We have had a good advance since the FTD on 7-26 and the market certainly deserves a rest and things look pretty orderly so the market hasn't done anything to become overly concerned with so far. Jerry
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