Friday, June 11, 2010
It was another volatile week on Wall Street as investors digested a slew of economic data. Stocks edged higher on Friday as volume was slid compared to Thursday’s levels on both major exchanges. Advancers led decliners by over a 2-to-1 ratio on the NYSE and the Nasdaq exchange. There were 19 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 12 issues that appeared on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE, but not on the Nasdaq exchange.
Monday-Tuesday’s Action: May’s Lows Are Testest But Will They Hold?
Stocks opened negatively reversed on Monday (opened higher but closed lower) as the euro slid to a fresh 4-year low. The selling continued in the aftermath of Friday’s dismal jobs report. Goldman Sachs (GS) got smacked after it received a subpoena from the Financial Crisis Inquiry Commission (FCIS) due to its failure to comply with requests for documents. Stocks finished mixed on Tuesday after Fed Chairman Ben Bernanke said he does not expect a “double dip” recession in the US.The Dow Jones Industrial Average, Nasdaq Composite, and small-cap Russell 2000 indexes all traded below their May 25, 2010 lows while the benchmark S&P 500 Index came within 2 points of last month’s low. So far, support near prior chart lows has been tested and appears to have held, but any further deterioration would suggest that another leg lower may follow.