Earnings Season Begins; Stocks Fall

Tuesday, January 12, 2010
Market Commentary:

All the major averages fell for the first time this year after a disappointing start to earnings season. Volume, an important indicator of institutional sponsorship, was reported higher than Monday’s totals on the NYSE and on the Nasdaq exchange which marked a distribution day and suggested large institutions were aggressively selling stocks. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and Nasdaq exchange. There were only 12 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower than the total of 55 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange, and new lows were near single digits which is a healthy sign.
China Raises Reserve Limits:

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