Tuesday, April 20,2010
The major averages ended higher on Tuesday after Goldman Sachs (GS -2.05%) said Q1 earnings almost doubled and reaffirmed that it did not mislead investors in the SEC case. Volume, an important indicator of institutional sponsorship, slid compared to Monday’s totals. Advancers led decliners by over a 4-to-1 ratio on the Nasdaq exchange and by a 3-to-1 ratio on the NYSE. New 52-week highs still easily trumped new lows on both exchanges. There were only 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 16 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally, but that number abruptly contracted amid the latest bout of distribution.