I mean leader in each category, for example technology is GOOG, financial is Idon'tknow, etc. Those leaders of its industry do not have to slow down simultaneously. One leader starts to slow down now, but the others continue to rise but sooner or later they will fall down as an inevitable. So when one leader has started to slow down it is a sign that thing does seem to go wrong.
Quote from stock_trad3r:
The leaders right now are commodities and industrials. It has been that way since 2002, and those leaders are still holding up pretty well.
Tech has been pretty mixed though. Goog fell 33% from its Jan 2006 high from 475 to 333 but the market didn't tank so it isn't a very good indicator.