Wednesday, April 28, 2010
Stock Market Commentary:
The major averages ended higher after the Federal Reserve held rates steady near historic lows and Spain’s debt was downgraded. Volume totals on Wednesday were reported lower compared to Tuesday’s totals which suggested large institutions were not aggressively buying stocks. Advancers led decliners by a 11-to-8 ratio on the NYSE and by a 14-to-13 ratio on both major exchanges. Meanwhile, new 52-week highs easily trumped new 52-week lows. There were 15 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, considerably lower than the 28 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally.