Friday, June 4, 2010
Stock Market Commentary:
It was another volatile week on Wall Street as investors digested a questionable follow-through day (FTD), a very weak jobs report, and saw the euro plunge to a fresh multi-year low! On Friday, volume totals easily topped Thursday’s levels on both major exchanges much indicated heavy distributional pressure from the institutional crowd. Decliners trumped advancers by a 7-to-1 ratio on the NYSE and by more than an 8-to-1 ratio on the Nasdaq exchange. There were only 6 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, much lower than the 28 issues that appeared on the prior session. New 52-week lower outnumbered new 52-week highs on the NYSE and the Nasdaq exchange.