Wednesday, April 14, 2010
The major averages jumped above important physcological resistance levels after a slew of stronger than expected earnings and economic data were released. Volume totals on the NYSE and on the Nasdaq exchange were reported higher compared to Tuesday’s totals which suggests increased institutional sponsorship. Advancers trumped decliners by over a 3-to-1 ratio on the NYSE and by nearly a 4-to-1 ratio on the Nasdaq exchange. New 52-week highs trumped new lows on both exchanges and new highs on the NYSE hit the highest level since January 2004! There were 86 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, nicely higher than the 46 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally, so the recent expansion in leadership has been a welcome improvement.