Stocks Surge In 2009 But Down For the Decade!
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Thursday, December 31, 2009
The major averages ended lower on the last trading day of the year. Volume, an important indicator of institutional sponsorship, was reported lighter than Wednesday’s totals which indicated large institutions were not aggressively selling stocks. Decliners led advancers by nearly a 2-to-1 ratio on the NYSE and by a 9-to-5 ratio on the Nasdaq exchange. There were 24 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the total of 18 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
Economic Data- Weekly Jobless Claims:
At 8:30 AM EST, the Labor Department said initial jobless claims fell -28,000 to 452,000 in the week ending December 19. The report topped the Street’s 460,000 estimate and supports the notion that the ailing jobs market is improving. Continuing claims fell 127,000 in the December 12 week to 5.076 million. Every Thursday, the Labor Department releases the report which compiles data showing the number of individuals who filed for unemployment insurance for the first time during the prior week. Remember, the report is counter intuitive because an increasing number means more people are filing for unemployment claims and suggests a deteriorating labor market. The converse is also true, lower readings are a sign of strength. Investors tend to look at the four-week moving average because it smoothes out weekly volatility.