Stocks End Higher As Crude & Copper Slice Below 200 DMA Lines
Monday, May 17, 2010
Market Commentary:
The major averages closed higher after spending most of the session in the red as crude oil slide below the psychologically important $70 a barrel level and New York’s manufacturing slowed. Volume totals were reported lower on the Nasdaq and the NYSE compared to Friday’s total which was not an encouraging sign. Decliners led advancers by a 23-to-16 ratio on the NYSE and by a very small margin on the Nasdaq exchange. New 52-week highs outnumbered new 52-week lows on the NYSE but trailed new lows on the Nasdaq exchange. There were only 7 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 3 issues that appeared on the prior session.