Wednesday, February 17, 2010
The major averages ended higher on the 8th day of their current rally attempt after the latest round of healthy economic and earnings data was released. Volume, a critical indicator of institutional sponsorship, was mixed; higher on the Nasdaq and lower on the NYSE compared to the prior session. Advancers led decliners by a 2-to-1 ratio on the NYSE and by a 16-to-11 Nasdaq exchange. New 52-week highs outnumbered new lows on both exchanges. There were 27 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, down from the 35 issues that appeared on the prior session.
Both Stocks & The Greenback Rally:
It was interesting to see both stocks and the US dollar rally on Wednesday after upbeat earnings and economic data was released. Healthy earnings from Deere & Co (DE +5.02%), Whole Foods Market Inc. (WFMI +12.55%) and Hewlett-packard Co (HPQ +1.38%) helped the bulls send stocks higher. So far, three-quarters of S&P 500 companies have posted stronger than expected Q4 results which bodes well for the US economy.