The GMI and GMI-R declined on Thursday. There were only 49 new 52 week highs in my universe of 4,000 stocks. There were 13 new lows, most of which were municipal bond ETF’s. One important indicator of a market’s internal strength is the action of the leaders. On Thursday, 8 of nine stocks in my leaders list declined, 7 of them fell more than 1%. AAPL has failed to hold at a new high after its earnings were released. (Blame it on Jobs??) On Friday, we get to look at how GOOG reacts to its great earnings. IF GOOG cannot hit a new high and stay there, it will be another ominous sign for the tech stocks. If the best stocks cannot lead the way higher, how can we expect the rest of the troops to gain?