Stocks Fail At Resistance- Again
Wednesday, July 21, 2010
Stock Market Commentary:
The major averages ended lower after Obama signed the Financial Regulation bill and Federal Reserve Chairman Ben Bernanke spent his afternoon testifying on Capital Hill. Volume, an important indicator of institutional sponsorship, was higher than Tuesday’s level on both exchanges. There were 23 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 from the 18 issues that appeared on the prior session. Decliners trumped advancers by nearly a 2-to-1 ratio on the NYSE and by nearly a 3-to-1 ratio on the Nasdaq exchange. New 52-week highs solidly outnumbered new 52-week lows on the NYSE but trailed on the Nasdaq exchange. For the rally to have ongoing success it will be critical for a healthy crop of leaders to continue showing up hitting new 52-week highs.
FinReg Bill, Bernanke and Q2 Earnings Fail To Impress The Street:
A slew of high profile companies released their Q2 results since Tuesday’s close and nearly all of them are trading lower which suggests investors are not happy with their results. In other news, President Obama signed the FinReg bill into law today and Ben Bernanke made it clear that the Fed will continue to help the US economy recover from the worst financial crisis since the Great Depression. Bernanke also said that the economic outlook remains “unusually uncertain” without offering additional measures to stimulate growth.