Stocks Tank on EU Downgrades & Goldman Testimony

Tuesday, April 27, 2010
Market Commentary:

Stocks tanked after S&P Rating Services lowered Greek’s debt to junk and cut Portugal’s rating. This sent many European stock market’s plunging to their worst single day declines since November as fear spread that other nations will default on their debt. Volume totals on Tuesday were reported higher compared to Monday’s totals which marked another distribution day for the major averages. Decliners trumped advancers by over a 4-to-1 ratio on both major exchanges. Meanwhile, new 52-week highs easily trumped new 52-week lows. There were 28 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 91 issues that appeared on the prior session. A healthy crop of new leaders making new highs bodes well for any market rally.

EU Downgrades Shake Confidence:

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