Stocks Surge On First Trading Day of 2010
Monday, January 04, 2010
Market Commentary:
The major averages rallied on the first trading day of 2010 as the US dollar fell and healthy economic data was released from the US and China. As expected, volume, an important indicator of institutional sponsorship, was reported higher than Thursday’s pre-holiday totals which indicated large institutions were buying stocks. Advancers trumped decliners by nearly a 4-to-1 ratio on the NYSE and by over a 3-to-1 ratio on the Nasdaq exchange. There were 63 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 24 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.