Flight To Safety; Stocks & Commodities Plunge As Dollar Soars!

Thursday’s May 6, 2010
Stock Market Commentary:

The major averages tanked for the third consecutive day after the euro slid to a fresh 14-month low, gold topped 1,200, and the major averages plunged below important moving averages as concern spread that other European countries might follow in Greece’s ominous footsteps. Volume totals were reported higher on both the NYSE and on the Nasdaq exchange compared to Wednesday’s totals, briefly sending all the major averages below their respective 50 and 200-day moving average (DMA) lines. Decliners trumped advancers by approximately a 10-to-1 ratio on the NYSE and by a 7-to-1 ratio on the Nasdaq exchange. New 52-week lows outnumbered new 52-week highs on the NYSE and on the Nasdaq exchange. There were only 6 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, the same number that appeared on the prior session. Waning leadership has been evidenced by the recent lack of stocks making new highs as the rally came under pressure.

Flight To Safety Sends Stocks Plunging:

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