Stronger Dollar Sends Stocks Lower
Thursday, December 17, 2009
Market Commentary:
The NYSE indices suffered another distribution day after the U.S. dollar vaulted to a three-month high against the euro as concern spread that the Fed-induced rally will end in early 2010. Volume, an important indicator of institutional sponsorship, was reported mixed; higher than Wednesday’s totals on the NYSE, yet lower on the Nasdaq exchange. The lower volume on the Nasdaq helped that index avoid adding another distribution day to its count. Decliners led advancers by more than a 2-to-1 ratio on the NYSE and by nearly a 3-to-1 ratio on the Nasdaq exchange. There were 20 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, substantially down from the total of 53 issues that appeared on the prior session. New 52-week highs still outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.