Friday, March 19, 2010
The major averages ended higher this week and hit fresh multi month highs. As expected, volume totals were reported higher on the Nasdaq exchange and on the NYSE compared to the prior session due to Friday’s quadruple witching session. Decliners led advancers by nearly a 3-to-1 ratio on the NYSE and by nearly a 2-to-1 ratio on the Nasdaq exchange. There were 37 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 46 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.
Monday & Tuesday: Stocks Advance As Fed Holds Rates Steady
On Monday, stocks ended mixed as rumor spread that the Chinese or Indian Central Bank would raise rates in the near future. On Tuesday, the US Fed decided to hold rates steady near record lows and reiterated their stance to keep rates low as the economy continues to recover. Elsewhere, February housing starts were reported slightly better than expected, even though starts declined –5.9% from January. Prices of goods imported into the U.S. in February fell more than forecast. Health care stocks overcame modest pressure after House Speaker Nancy Pelosi said there will be enough votes in the House to pass health care reform. Meanwhile, European markets advanced as European leaders worked out a plan for emergency aid to Greece if needed.