Dow Closes Below 50 DMA Line on Tepid Earnings & Economic Data
Thursday, 1.21.10
Market Commentary:
US stocks got smacked on Thursday after jobless claims rose and concern spread that China will take more aggressive steps to curb its surging economy. Volume was reported higher on the Nasdaq and on the NYSE which marked another distribution day for the major averages. The higher volume declines suggested that large institutions were aggressively selling stocks. Decliners trumped advancers by over a 3-to-1 ratio on the NYSE and by a 3-to-1 ratio on the Nasdaq exchange. There were 15 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, equal to the total of 15 issues that appeared on the prior session. New 52-week highs still solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.