Wednesday, September 22, 2010
Stock Market Commentary:
The major averages ended lower after a lousy report from the housing market was released and several large cap technology stocks got smacked. Volume totals were reported mixed; slightly lower on the NYSE and higher on the Nasdaq exchange compared to the prior session. Decliners led advancers by almost a 2-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. New 52-week highs easily outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange. There were 41 high-ranked companies from the CANSLIM.net Leaders List made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the 81 issues that appeared on the prior session.
Gold Surges To Record High and Home Prices Fall:
Overnight, gold surged to a fresh record high as the US Dollar continued its two week decline. At 10:00AM EST, the Federal Housing Finance Agency (FHFA) released its House Price Index (HPI) which showed home prices continued to fall. The HPI mainly covers single-family homes using data provided by Fannie Mae and Freddie Mac. The report fell -0.5% in July after falling a revised -1.2% in June. The decline was largely due to the now-expired tax credit.