Thursday, May 13, 2010
The major averages traded between positive and negative territory as the major averages encountered resistance near their respective 50 DMA lines. Volume totals were reported lower on the Nasdaq and on the NYSE compared to Wednesday’s totals, continuing the week long trend of inordinately light volume. New 52-week highs outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. New leadership is a critical part of any rally effort, and while disciplined investors are awaiting a follow-through-day from at least one of the major averages it is somewhat reassuring to see the new highs list expanding again.