Tuesday, June 15, 2010
Stock Market Commentary:
The current rally was confirmed after all the major averages scored a proper follow-through day (FTD) on Tuesday. Volume totals were reported higher on the Nasdaq and the NYSE. Advancers led decliners by a 5-to-1 ratio on the NYSE and nearly a 4-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, higher than the 31 issues that appeared on the prior session. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
Stocks Rally As Dollar Falls For 6th Consecutive Day:
The MSCI World Index advanced for a sixth consecutive day as the greenback continued its six day slide after a New York manufacturing report suggested the global economy remains strong. The Federal Reserve Bank of New York’s general economic index, which measures economic activity in the NY area, rose for an 11th consecutive month which helped offset European Debt woes. The weaker dollar helped a slew of dollar denominated assets (mainly stocks & commodities) rally. Elsewhere, oil jumped above $76 a barrel and the euro rose above $1.23.