Strong Start Fizzles In PM

Market Commentary:

The major averages opened sharply higher as the US dollar plunged after the latest round of stronger-than-expected housing data was released. Volume, a critical component of institutional demand, was lower than Friday’s levels on the NYSE and on the Nasdaq exchange which was expected since a series of options expired on Friday. Advancers trumped decliners by over a 3-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. There were 41 high-ranked companies from the Leaders List making a new 52-week high and appearing on the BreakOuts Page, higher from the 12 issues that appeared on the prior session. In terms of new leadership, it was encouraging to see new 52-week highs outnumber new 52-week lows on the NYSE and Nasdaq exchange.

Healthy Housing Data Lifts Stocks

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