Thursday, April 8, 2010
The major averages rallied on Thursday after a slew of US retailers reported stronger than expected same store sales. Volume totals on the NYSE and on the Nasdaq exchange were reported lower compared to Wednesday’s totals. Breadth was positive as advancers led decliners by about a 10-to-9 ratio on the NYSE, and by a 14-to-13 ratio on the Nasdaq exchange. New 52-week highs trumped new lows on both exchanges yet again. There were 36 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 from the 52 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 post-holiday improvement. However, the rising number of distribution days has raised some concerns.