Thursday, May 27, 2010
Stock Market Commentary:
Stocks surged around the world after China said it remains a long-term investor in Europe which helped the euro snap a losing streak and China’s stock market to score a follow-through day (FTD). Volume totals were reported lower compared to Wednesday’s totals on both major exchanges while the indices ended unanimously higher. Meanwhile advancers trumped decliners by over an 8-to-1 ratio on the NYSE and over an 6-to-1 ratio on the Nasdaq exchange. There were 9 high-ranked companies from the CANSLIM.netLeaders List that made a new 52-week high and appeared on the CANSLIM.netBreakOuts Page, higher than the 8 issues that appeared on Tuesday. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. It is difficult for the market to mount a sustained rally without a healthy crop of strong leaders.