Friday, March 26, 2010
For the week, the major averages ended higher as investors digested a slew of political, economic, and earnings data. The volume totals on the NYSE and on the Nasdaq exchange were reported lower compared to Thursday’s totals which was an encouraging sign. Advancers led decliners by a 10-to-9 ratio on the NYSE and were about even on the Nasdaq exchange. There were 17 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 58 issues that appeared on the prior session. New 52-week highs again overwhelmingly trumped new lows on both exchanges.
Monday & Tuesday’s Action:
On Monday, the major averages ended higher as the dollar fell after Congress passed the historic health care bill. Stocks continued rallying on Tuesday after stronger-than-expected data was released from the ailing housing market. All the major averages rallied to new recovery highs after the National Association of Realtors said existing US home sales slowed to 0.6% last month which topped estimates. February’s reading was also higher from January’s -7.2% decline.