Wednesday, January 20, 2010
The major averages got smacked on Wednesday as investors digested the latest round of tepid earnings and economic data. Volume was reported mixed; higher on the Nasdaq and lower on the NYSE. The higher volume decline on the Nasdaq marked a distribution day for that exchange and suggested that large institutions are aggressively selling stocks. However, the lower volume on the NYSE helped that exchange avoid the same fate. Decliners trumped advancers by nearly a 3-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. There were 15 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 total of 26 issues that appeared on the prior session. New 52-week highs still solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.