Dow & Nasdaq Snap A 7-Day Winning Streak; Nasdaq & SP500 Close Below Resistance
Thursday, July 15, 2010
Stock Market Commentary:
US stocks shrugged off earlier weakness and closed near their intraday highs as investors digested a flurry of headlines. Volume was reported mixed compared to Wednesday’s session; higher on the NYSE and lower on the Nasdaq exchange. There were 16 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 28 issues that appeared on the prior session. Decliners trailed advancers by approximately an 18-to-19 ratio on the NYSE but led by a 2-to-1 ratio on the Nasdaq exchange. New 52-week highs solidly outnumbered new 52-week lows on the NYSE but trailed on the Nasdaq exchange.
Investors Digest A Slew of Economic, Earnings & Political Data:
Investor’s digested a slew of data on Thursday: JP Morgan (JPM +0.27%) and Google (GOOG +0.55%) reported their latest quarterly result, weekly jobless claims and producer prices fell, Goldman Sachs (GS +4.43%) settled with the SEC for $550 million, BP (BP +7.57%) plugged the broken well, the Senate sent President Obama the largest financial regulatory bill since the Great Depression, and the latest read on the manufacturing industry was dismal. However, it was somewhat encouraging to see the market shrug off earlier weakness and close near its intraday highs even though the Nasdaq composite and the Dow Jones Industrial Average snapped a 7-day winning streak. It is important to note that both the US dollar and the major averages ended lower on Thursday (in the recent past they tend to move in opposite directions).