Wednesday, May, 26, 2010
Stock Market Commentary:
The major averages and the euro negatively reversed (opened higher but closed lower) after Italy announced that it will restructure $30 billion in debt and Germany’s bond auction was less than stellar. Volume was higher compared to Tuesday’s totals on both major exchanges while advancers led decliners by a 23-to-15 ratio on the Nasdaq exchange and a 15-to-11 ratio on the NYSE. There were 8 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 0 issues that appeared on Monday. It is difficult for the market to mount a sustained rally without a healthy crop of strong leaders. New 52-week highs outnumbered new 52-week lows on the NYSE and trailed on the Nasdaq exchange.