Monday, March 8, 2010
The major averages traded between positive and negative territory as investors digested last week’s impressive move. Volume, a critical gauge of institutional demand, was reported lower than the prior session on the Nasdaq exchange and on the NYSE, offering a reassuring sign that institutional investors were not aggressively dumping stocks. Advancers led decliners by over an 11-to-8 ratio on the NYSE and by nearly a 15-to-13 ratio on the Nasdaq exchange. There were 76 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, up from the 59 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges while new lows were in the single digits.
Obama’s Road Trip:
A slew of drug companies tumbled after President Barack Obama gave what appeared to be a final push to overhaul our troubled health-care system. Pfizer (PFE), the world’s largest drug manufacturer, UnitedHealth (UNH), the largest US health insurer by revenue, and a host of other companies fell after Obama began a series of road trips to the Philadelphia area today and St. Louis on March 10 to rally public support.