Tuesday, January 26, 2010
The major averages negatively reversed, took out Monday’s lows, on heavier volume than the prior session. The ominous action effectively ended the current rally attempt and suggested that large institutions are aggressively selling stocks. Decliners led advancers by a 12-to-7 ratio on the NYSE and by an 18-to-9 ratio on the Nasdaq exchange. There were only 6 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 7 issues that appeared on the prior session. New 52-week highs still outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.