Stocks Plunge Below 200 DMA line On Heavy Volume

Thursday, May 20, 2010
Market Commentary:

Stocks got pounded on Thursday and sliced below their respective 200 DMA lines after a series of lackluster economic reports were released. Volume totals were reported higher on the Nasdaq and the NYSE compared to Wednesday’s total which was not an encouraging sign. Decliners trumped advancers by over a 10-to-1 ratio on the NYSE and over an 11-to-1 ratio on the Nasdaq exchange. New 52-week lows outnumbered new 52-week highs on both major exchanges. There were 0 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 3 issues that appeared on the prior session.

Tepid Economic Data & Contagion Fears Lower Economic Outlook:

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