On The Importance Of Stock Market Leadership:
“The leaders…need to be watched diligently, not only to discern the response of the general market to their actions but for signs of their technical and internal conditions. Signs of advanced distribution among these stocks sound a warning of the end of the bull move no matter how bullish the business prospects seem to be.”
— Joseph H. Kerr, Jr., from Method in Dealing in Stocks, (originally published in 1931; reprinted in 1996 by M. Gordon Publishing Group, Los Angeles).