Awful Month on Wall Street; Stocks Close Below 200 DMA Line!
Friday, May 28, 2010
Stock Market Commentary:
The major averages closed in the upper half of their weekly ranges after falling to fresh 2010 lows. Volume totals have been bearish, evidenced by higher volume declines and lighter volume advances. Breadth remains less than stellar as decliners steadily outpace advancers on the NYSE and Nasdaq exchange. The number of high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page have plunged to single digits in recent sessions which is not encouraging. Finally, the number of new 52-week lows has inched higher on both major exchanges which is not a welcomed sign.