Yep, fair comment. If you are looking for a leader then Smallcaps (Russells 2000) and the Nazdaq are generally recognised to lead the premium markets in the US. I personally never look at the Dow.

F4T

im currently out of the market totally as i expect bigger falls to come for the next few months.Im only doing my usual day trades and very short term trades.
Dow jones has the top 30 biggest companies in the world so that is a very good index to gauge direction quickly,Also the dow jones transport average is a good index to gauge direction and is very popular and S&p 500 is also a good index due to the large amount of companies.but everyone has there own index of choice.
for me dow jones 30 gives me a slightly faster reaction time, but s&P 500 confirms the signals

TF,
the Dow is not representative of the market. It only comprises 30 stocks. Always use the S&P 500 as a barometer. You will find the results more useful.

F4T

A couple of charts that are quite interesting here of the Dow. One from 2008 and the other for now. I think they look very similar to this bear market, and also show this bear market has really just started. and could well last for much of 2016...i think it also ties in preety well with what UBS are saying quite well.

This is from 2008.
uk.advfn.com/p.php?pid=chartscreenshotsh...E3YRTEqxQMi4f3GzZ34=

This is a current one.
uk.advfn.com/p.php?pid=chartscreenshotsh...XJdc3XEiR41c2CP2I%3D

You can see we are in the range bound phase atm...a time when folks are not sure if the bull run is over, and questioning "is this really a bear market"
Yes it is, wait and see...
As always dyor and wdik.
(just point out a error on the chart, where it say bear trap near the blue circle, should say "bull trap")

Regards,
Trendfriend.