Wednesday, January 13, 2010
After a tough start to the week, stocks closed higher on Wednesday as earnings optimism and a slew of analyst upgrades helped offset the pessimism. Volume, an important indicator of institutional sponsorship, was reported lower than Tuesday’s totals on the NYSE and on the Nasdaq exchange, which suggested large institutions were aggressively buying stocks. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and by a 2-to-1 ratio on the Nasdaq exchange. There were 20 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 12 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.
Bankers On Capital Hill; The Financial Crisis Inquiry Commission Begins Investigating (FCIC)
Stocks traded between positive and negative territory on Wednesday before the bulls showed up and sent stocks higher in the afternoon. Several of Wall Street’s top bankers spent the morning testifying on Capital Hill about the 2007-2009 financial crisis. The bankers, whose companies collectively received more than $100 billion in government aid, spent hours explaining what happened during the crisis. The Financial Crisis Inquiry Commission was formed to examine and learn what went wrong during that period.