Tuesday, March 9, 2010
The major averages ended higher on the one year anniversary of the 2009 bear-market low close for the benchmark S&P 500 index amid speculation the economy will continue to recover from the worst recession since WWII. Volume, a critical gauge of institutional demand, was reported higher than the prior session on the Nasdaq exchange and on the NYSE. Advancers led decliners by a narrow margin on the NYSE and Nasdaq exchange. There were 62 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 76 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.
Market’s Enjoyed Best 12-Month Rally In 80 Yrs!
The benchmark S&P 500 is up a very impressive +69% since hitting a 12-year low of 666.79 last March. This has been the largest 12 month rally for the benchmark average since the Great Depression. Despite that impressive feat, the S&P 500 is still down -28% from its October 2007 high of 1,576. It is also important to note that the vast majority of stocks that helped the major averages enjoy strong gains last year were low ranked stocks that bounced from egregiously oversold levels (i.e. Citigroup went from $0.97 to $5.43).