Day 3 Of A New Rally Attempt
Wednesday, February 3, 2010
Market Commentary:
The major averages ended mixed as the dollar rallied after the latest round of disappointing earnings and economic data was released. Volume was lighter than the prior session on the NYSE and Nasdaq exchange which signaled large institutions were not aggressively selling stocks. Decliners led advancers by nearly a 3-to-2 ratio on the NYSE and on the Nasdaq exchange. There were 10 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 17 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.
ADP- -22,000 Jobs Shed In January:
Before Wednesday’s opening bell, ADP, the country’s largest private payrolls company, said US employers cut -22,000 jobs last month which matched forecasts. Now investors are waiting for Friday’s official jobs report slated to be released this Friday at 8:30 am EST. Many pundits believe that US employers added jobs which would be the second monthly increase in three months.