Wednesday April 21, 2010
The major averages ended mixed after speculation spread that the international aid package will not be enough to help Greece avoid defaulting on its debt. Volume, an important indicator of institutional sponsorship, rose compared to Tuesday’s totals. Advancers led decliners by over 21-to-17 ratio on the NYSE and by a 14-to-13 ratio on the Nasdaq exchange. New 52-week highs still easily trumped new lows on both exchanges. There were 46 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 37 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.