Nasdaq Retreats; Other Major Averages Advance

Thursday, January 7, 2010
Market Commentary:

The major averages ended mixed after positive retail sales and weekly jobless claims were released. Volume, an important indicator of institutional sponsorship, was reported about even to slightly higher than Wednesday’s totals which indicated large institutions were accumulating, not distributing, stocks. Advancers led decliners on both major exchanges which was a positive sign. There were 32 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 total of 57 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange, and new lows were again near the single digits.

Jobless Claims:

At 8:30AM EST, the Labor Department said new claims for unemployment benefits rose less than forecast to +434,000 in the week of January 2, 2010. Every Thursday, the Labor Department releases the report which compiles data showing the number of individuals who filed for unemployment insurance for the first time. Remember, the report is counter intuitive because an increasing number means more people are filing for unemployment claims and suggests the labor market is waning. The converse is also true, lower readings is a sign of strength. Investors tend to look at the four-week moving average because it smoothes out weekly volatility. Investors are now focused on December’s employment report which is slated to be released before Friday’s opening bell. Analysts believe that last month’s reading will be unchanged which bodes well for the ailing jobs market. So far, since the recession began, US employers slashed over 7 million jobs as the unemployment rate hit a two decade high of 10.2% in the fourth quarter.

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Stocks End Mixed On Lackluster Economic Data

Wednesday, January 6, 2010
Market Commentary:

The major averages ended mixed after a private report from ADP showed employers cut more jobs than expected last month and several Federal Reserve officials said they are willing to entertain the notion of more stimulus measures in 2010. Volume, an important indicator of institutional sponsorship, was reported lower than Tuesday’s totals on the NYSE and about even on the Nasdaq exchange which indicated large institutions were not aggressively dumping stocks. Advancers led decliners on the NYSE, but decliners narrowly led advancers by a 5-to-4 ratio on the Nasdaq exchange. There were 57 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, slightly lower than the total of 58 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

ADP Jobs Data Disappoints:

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Stocks End Mixed on Mixed Economic Data

Tuesday, January 5, 2010
Market Commentary:

The major averages closed mixed after spending most of the session in the red as investors digested the latest round of mixed economic data. Volume, an important indicator of institutional sponsorship, was reported higher than Monday’s totals which indicated large institutions were not aggressively dumping stocks. Advancers led decliners on the NYSE but trailed by a small margin on the Nasdaq exchange. There were 58 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 total of 63 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Strong Manufacturing Data Helps Stocks

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Stocks Surge On First Trading Day of 2010

Monday, January 04, 2010

Market Commentary:

The major averages rallied on the first trading day of 2010 as the US dollar fell and healthy economic data was released from the US and China. As expected, volume, an important indicator of institutional sponsorship, was reported higher than Thursday’s pre-holiday totals which indicated large institutions were buying stocks. Advancers trumped decliners by nearly a 4-to-1 ratio on the NYSE and by over a 3-to-1 ratio on the Nasdaq exchange. There were 63 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the total of 24 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Healthy Economic Data Lifts Stocks:

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Stocks Surge In 2009 But Down For the Decade!

We would like to wish all our loyal clients & readers a very Happy & Healthy 2010!

The major averages ended lower on the last trading day of the year. Volume, an important indicator of institutional sponsorship, was reported lighter than Tuesday’s totals which indicated large institutions were not aggressively buying or selling stocks. Decliners led advancers by a x-to-x ratio on the NYSE and by a x-to-x ratio on the Nasdaq exchange. There were XX high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, XXXXXXX than the total of 18 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
At 8:30 AM EST, the Labor Department said initial jobless claims fell -28,000 to 452,000 in the week ending December 19. The report topped the Street’s 460,000 estimate and supports the notion that the ailing jobs market is improving. Continuing claims fell 127,000 in the December 12 week to 5.076 million. Every Thursday, the Labor Department releases the report which compiles data showing the number of individuals who filed for unemployment insurance for the first time. Remember, the report is counter intuitive because an increasing number means more people are filing for unemployment claims and suggests a deteriorating labor market. The converse is also true, lower readings is a sign of strength. Investors tend to look at the four-week moving average because it smoothes out weekly volatility.
For the year, the small cap Russell 2000 index led its peers, surging a whopping XX.XX%. The tech heavy Nasdaq composite was a close second, rallying XX.XX%. Meanwhile, the benchmark S&P 500 and Dow Jones Industrial Average both rose XX.XX% this year. Since the March lows, the Russell 2000 vaulted +85% while the Nasdaq composite surged a whopping +81%. The S&P 500 and Dow rose +70% and 64%, respectively. On a percentage basis, the past nine months have been one of the strongest in history which bodes well for the bulls.
Looking at the market, the action remains constructive. The Dow Jones Industrial Average, small cap Russell 2000 Index, S&P 500 Index and Nasdaq Composite and NYSE Composite indices are all trading just below their respective 2009 highs which bodes well for this rally. The inverse relationship with the US dollar has eased in recent weeks as both stocks and the greenback have rallied in tandem. Ideally, one would like to see leadership and volume expand over the next few weeks as the major averages continue advancing.
Note: We would like to wish all our loyal clients & readers a very Happy & Healthy 2010!
PICTURED: The

Thursday, December 31, 2009

Market Commentary:

The major averages ended lower on the last trading day of the year. Volume, an important indicator of institutional sponsorship, was reported lighter than Wednesday’s totals which indicated large institutions were not aggressively selling stocks. Decliners led advancers by nearly a 2-to-1 ratio on the NYSE and by a 9-to-5 ratio on the Nasdaq exchange. There were 24 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher than the total of 18 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Economic Data- Weekly Jobless Claims:

At 8:30 AM EST, the Labor Department said initial jobless claims fell -28,000 to 452,000 in the week ending December 19. The report topped the Street’s 460,000 estimate and supports the notion that the ailing jobs market is improving. Continuing claims fell 127,000 in the December 12 week to 5.076 million. Every Thursday, the Labor Department releases the report which compiles data showing the number of individuals who filed for unemployment insurance for the first time during the prior week. Remember, the report is counter intuitive because an increasing number means more people are filing for unemployment claims and suggests a deteriorating labor market. The converse is also true, lower readings are a sign of strength. Investors tend to look at the four-week moving average because it smoothes out weekly volatility.

Performance Data For The Decade & 2009:

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Stocks End With Modest Gains

The major averages opened lower on concern that the Fed will withdraw its stimulus measures sooner than expected as the economic recovery continues. Volume, an important indicator of institutional sponsorship, was reported XXXXX than Tuesday’s totals which indicated large institutions were XXXXXXX aggressively dumping stocks. Advancers led decliners by a X-to-X ratio on the NYSE and by a X-to-X ratio on the Nasdaq exchange. There were XX high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, XXXXXXXXX than the total of 27 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
At 9:45 am, the Institute of Supply Management (ISM) released its Chicago purchasers index (PMI). The index surveys purchasers from both the manufacturing and non manufacturing (i.e. service) sectors of the economy. In the simplest form, the report compiles a survey to analyze business conditions in the Chicago area. The index came in at 60 which easily topped the Street’s forecast. The Chicago PMI has now posted three consecutive monthly gains all at accelerating rates (60.0 Dec, 56.1 Nov, 54.2 Oct). It was also the highest reading since January 2006! The stronger than expected report suggests the economy is improving and bodes well for the recovery. Paradoxically, evidence of a stronger economy led many to worry about the Fed withdrawing its stimulus measures and possibly erring on the side of raising rates in early 2010.
Looking at the market, the action remains constructive. The Dow Jones Industrial Average, small cap Russell 2000 Index, S&P 500 Index and Nasdaq Composite and NYSE Composite indices are all trading near fresh 2009 highs which bodes well for this rally. The inverse relationship with the US dollar has eased in recent weeks as both stocks and the greenback have rallied in tandem. Ideally, one would like to see leadership and volume expand over the next few weeks as the major averages continue advancing.

Wednesday 12.30.09

Market Commentary:

The major averages opened lower but closed higher on concern that the Fed will withdraw its stimulus measures sooner than expected as the economic recovery continues. Volume, an important indicator of institutional sponsorship, was reported lighter than Tuesday’s totals which indicated large institutions were not aggressively buying or selling stocks. Decliners led advancers by a 21-to-17 ratio on the NYSE and were about even on the Nasdaq exchange. There were 18 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 total of 27 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Stronger Economic Data:

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Stocks End Lower On Housing & Consumer Sentiment Data

Tuesday, December 29, 2009

Market Commentary:

The major averages traded between positive and negative territory before ending lower as investors digested the latest round of mixed economic data. Volume, an important indicator of institutional sponsorship, was lower than Monday’s session which indicated large institutions were not aggressively dumping stocks. Advancers were about even with decliners on the NYSE and Nasdaq exchange. There were 27 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 total of 68 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Housing Data: The S&P/Case-Shiller® Home Price Index

At 9:00 AM EST, the S&P/Case-Shiller® home price index was released. The index is used as a proxy for the housing market and tracks monthly changes in the value of residential real estate in 20 metropolitan areas across the country. October’s reading came in at 146.58 vs.September’s 146.51, for a -7.3% year-on-year rate vs. a -9.4% decline in September. Housing stocks, sold off on the news which illustrates that the ailing housing market is still not out of the proverbial woods.
At 10:00 AM EST, the Conference Board released an upbeat report on consumer sentiment. The Conference Board’s consumer confidence index increased by 2.3 points to 52.9. The survey covers five thousand consumers across the country each month and is used as a proxy for consumer spending. Typically, stronger consumer confidence translates into stronger consumer spending but they are not directly correlated each month.
Looking at the market, the action remains constructive. The Dow Jones Industrial Average, small cap Russell 2000 index, S&P 500 and Nasdaq and NYSE composite are all trading near fresh 2009 highs. The inverse relationship with the US dollar has eased in recent weeks as both stocks and the greenback have rallied in tandem. Ideally, one would like to see leadership and volume expand over the next few weeks as the major averages continue advancing

At 9:00 AM EST, the S&P/Case-Shiller® home price index was released. The index is used as a proxy for the housing market and tracks monthly changes in the value of residential real estate in 20 metropolitan areas across the country. October’s reading came in at 146.58 vs.September’s 146.51, for a -7.3% year-on-year rate vs. a -9.4% decline in September. Housing stocks, sold off on the news which illustrates that the ailing housing market is still not out of the proverbial woods.

Consumer Confidence: The Conference Board’s consumer confidence index

At 10:00 AM EST, the Conference Board released an upbeat report on consumer sentiment. The Conference Board’s consumer confidence index increased by 2.3 points to 52.9. The survey covers five thousand consumers across the country each month and is used as a proxy for consumer spending. Typically, stronger consumer confidence translates into stronger consumer spending but they are not directly correlated each month.

Market Action: Objective Analysis of Price & Volume

Looking at the market, the action remains constructive. The Dow Jones Industrial Average, small cap Russell 2000 index, S&P 500 and Nasdaq and NYSE composite are all trading near fresh 2009 highs. The inverse relationship with the US dollar has eased in recent weeks as both stocks and the greenback have rallied in tandem. Ideally, one would like to see leadership and volume expand over the next few weeks as the major averages continue advancing.

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Stocks Rally On A Busy Monday

Monday, December 28, 2009

Market Commentary:

Stocks rallied around the world as the US dollar fell after stronger than expected economic data was announced from China and Japan. Volume, an important indicator of institutional sponsorship, was lighter than Wednesday’s levels, again revealing the lack of appetite for accumulating shares from very large and influential institutional investors. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and by nearly a 2-to-1 ratio on the Nasdaq exchange. There were 62 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, one less than the total of 63 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.

Strong Economic Data From China & Japan:

Overnight, a stronger-than-expected report was released from China which showed that fourth quarter GDP would top 10% and its full year economic growth would reach +8.3%, which also topped views. China, one of the fastest growing economies in the world, has enjoyed robust growth for much of this decade thanks to a favorable labor market, a pegged currency, and its strong competitive advantages. The China Construction Bank (CCB) released the report and cited rising exports and increased domestic consumption as the two primary sources for the stronger than expected forecast. The Japanese government released a stronger-than-expected economic report which showed that industrial output rose +2.6% last month. November’s reading was the the ninth consecutive monthly gain and beat the Street’s estimate for a +2.4% increase.

Bank of Israel Raises Rates:

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Santa Claus Visits Wall St.

The market closed higher for the week and on Thursday’s shortened pre-holiday session. Volume, an important indicator of institutional sponsorship, was lighter than Wednesday’s levels, again revealing the lack of appetite for accumulating shares from very large and influential institutional investors. Advancers led decliners by nearly a X-to-X ratio on the NYSE and by over a X-to-X ratio on the Nasdaq exchange. There were XX high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher from the total of 63 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange, while new lows were in the single digits on both exchanges.
Stocks ended this shortened holiday week higher as investors digested the latest round of mixed economic data. On Monday, the major averages rallied on Monday as the latest round of mergers and acquisitions were announced. It was also encouraging to see the major averages rally even as the US dollar advanced. Since early December, the US dollar has steadily advanced but the major averages have managed to hold their own and move sideways to slighter higher during that period which is a significant change from the recent inverse relationship that prevailed for most of this year.
Before Tuesday’s opening bell, the Commerce Department said third quarter GDP rose by +2.2% which was lower than prior estimates and led many to question the health of the ongoing recovery. The report showed that companies curbed spending and cut inventories due to lackluster demand. At 10:00AM EST, the National Association of Realtors said existing home sales jumped +7.4%  to a 6.54 million annual rate. The report was the highest in more than two years and led many to question whether or not the ailing housing market has finally bottomed. It was encouraging to see stocks rally even in the face of weaker-than-expected economic data and a stronger dollar. Remember, a hallmark of a strong market is to see stocks rally even in the face of otherwise bearish news (i.e. weaker GDP #’s and a stronger dollar).
Investors digested a slew of economic data and sent stocks higher on Wednesday. At 7:00AM EST, the Mortgage Bankers’ Association (MBA) said its purchase application index fell -11.6% while its refinance index fell -10.1%, both below consensus. On a more positive note, the report showed that long term mortgage rates remain extremely low with 30-year loans averaging +4.92%. At 10:00AM EST, the Commerce Department said new home sales plunged -11% in November to a 355,000 annual rate which fell short of estimates. Furthermore, the report included downward revisions of 42,000 in the prior two months. New home sales measure the number of newly constructed homes with a committed sale during the prior month.
Elsewhere, personal income in November rose by +0.4%, following a rise of +0.3% in October. This was just below the Street’s estimate of a +0.5% gain. The wages and salaries component of the report rose +0.3% after a +0.1% increase in October. The report showed that inflation eased last month. The headline PCE price inflation component fell to +0.2% from +0.3% in October. Core PCE inflation was unchanged in November, down from a +0.2% increase in October. On Thursday, stocks edged higher after the US Commerce Department said orders for durable goods, goods meant to last several years, rose in November.
Looking at the market, the action remains ideal. The small cap Russell 2000 index, S&P 500 and Nasdaq composite have all hit fresh 2009 highs this week. Leaving the Dow Jones Industrial Average and NYSE composite just below their respective 2009 highs. Again, the fact that the market managed to rally and hit new highs in the face of disconcerting economic data is a very strong sign. Ideally, one would like to see leadership expand over the next few weeks as the major averages continue 1charging higher

Thursday 12, 24, 2009
Stock Market Commentary:
The market closed higher for the week and on Thursday’s shortened pre-holiday session. Volume, an important indicator of institutional sponsorship, was lighter than Wednesday’s levels, again revealing the lack of appetite for accumulating shares from very large and influential institutional investors. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and by nearly a 2-to-1 ratio on the Nasdaq exchange. There were 62 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, one less than the total of 63 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange, while new lows were in the single digits on both exchanges.
Monday:
Stocks ended this shortened holiday week higher as investors digested the latest round of mixed economic data. On Monday, the major averages rallied as the latest round of mergers and acquisitions were announced. It was also encouraging to see the major averages rally even as the US dollar advanced. Since early December, the US dollar has steadily advanced but the major averages have managed to hold their own and move sideways to slighter higher during that period which is a significant change from the recent inverse relationship that prevailed for most of this year.
Tuesday:
Before Tuesday’s opening bell, the Commerce Department said third quarter GDP rose by +2.2% which was lower than prior estimates and led many to question the health of the ongoing recovery. The report showed that companies curbed spending and cut inventories due to lackluster demand. At 10:00AM EST, the National Association of Realtors said existing home sales jumped +7.4%  to a 6.54 million annual rate. The report was the highest in more than two years and led many to question whether or not the ailing housing market has finally bottomed. It was encouraging to see stocks rally even in the face of weaker-than-expected economic data and a stronger dollar. Remember, a hallmark of a strong market is to see stocks rally even in the face of otherwise bearish news (i.e. weaker GDP #’s and a stronger dollar).
Wednesday & Thursday:
Investors digested a slew of economic data and sent stocks higher on Wednesday. At 7:00AM EST, the Mortgage Bankers’ Association (MBA) said its purchase application index fell -11.6% while its refinance index fell -10.1%, both below consensus. On a more positive note, the report showed that long term mortgage rates remain extremely low with 30-year loans averaging +4.92%. At 10:00AM EST, the Commerce Department said new home sales plunged -11% in November to a 355,000 annual rate which fell short of estimates. Furthermore, the report included downward revisions of 42,000 in the prior two months. New home sales measure the number of newly constructed homes with a committed sale during the prior month.
Elsewhere, personal income in November rose by +0.4%, following a rise of +0.3% in October. This was just below the Street’s estimate of a +0.5% gain. The wages and salaries component of the report rose +0.3% after a +0.1% increase in October. The report showed that inflation eased last month. The headline PCE price inflation component fell to +0.2% from +0.3% in October. Core PCE inflation was unchanged in November, down from a +0.2% increase in October. On Thursday, stocks edged higher after the US Commerce Department said orders for durable goods, goods meant to last several years, rose in November.

Price & Volume Action:

Looking at the market, the action remains healthy. The Dow Jones Industrial Average, small cap Russell 2000 index, S&P 500 and Nasdaq composite have all hit fresh 2009 highs this week. Leaving the NYSE composite just below its 2009 high. Again, the fact that the market managed to rally and hit new highs in the face of disconcerting economic data and a stronger dollar is a very strong sign. Ideally, one would like to see leadership and volume expand over the next few weeks as the major averages continue advancing.

Stocks End Higher on Mixed Economic Data

The major averages closed XXXXXX as investors digested the latest round of economic data. Volume, an important indicator of institutional sponsorship, was XXXXXX than Tuesday’s levels, revealing a lack of appetite for accumulating shares from very large and influential institutional investors. Advancers led decliners by nearly a X-to-1 ratio on the NYSE and by a X-to-2 ratio on the Nasdaq exchange. There were XX high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, XXXXXX from the total of 52 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
Investors digested a flurry of economic data on Wednesday. The Mortgage Bankers’ Association (MBA) said its purchase application index fell -11.6% while the refinance index fell -10.1% which were way below consensus. The report showed that long term mortgage rates remain extremely low with 30-year loans averaging +4.92%. At 10:00 AM EST, the Commerce Department said new home sales plunged -11% in November to a 355,000 annual rate which fell short of estimates. Furthermore, the report included downward revisions of 42,000 in the prior two months. New home sales measure the number of newly constructed homes with a committed sale during the prior month.
Elsewhere, personal income in November rose by +0.4%, following a rise of +0.3% in October. This was just below the Street’s estimate of a +0.5% gain. The wages and salaries component of the report rose +0.3% after a +0.1% increase in October. The report showed that inflation eased last month which since the headline PCE price inflation fell to +0.2% from +0.3% in October. Core PCE inflation was unchanged in November from up +0.2% in October.
Looking at the market, the Dow Jones Industrial Average and benchmark S&P 500 index both closed near their respective resistance levels as they quietly consolidate their recent gains in lighter pre-holiday levels. Meanwhile, the tech-heavy Nasdaq composite continues to lead its peers as it managed to hit another 2009 high today. Remember that the S&P 500 plunged -57% from its all time high in October 2007 to its March 2009 low. Since then, the market has rebounded over +65% but still remains -29% below its all-time high of 1,576. In addition, the index has retraced nearly -50% of its decline which is a popular Fibonacci level used by many technical analysts. Normally, markets rebound approximately 50% before resuming their prior trend (which would be another leg down in this case). Longstanding readers of this column know that we do not predict what will happen, instead we remain open to any possible scenario that may unfold and interpret what we see happening.
PICTURED: The

S&P 500 retraced 50% of its prior decline

S&P 500 retraced 50% of its prior decline


Wednesday, December 23, 2009
Market Commentary:
The major averages closed higher as investors digested a flurry of mixed economic data. Volume, an important indicator of institutional sponsorship, was lighter than Tuesday’s levels, revealing a lack of appetite for accumulating shares from very large and influential institutional investors. Advancers led decliners by nearly a 3-to-1 ratio on the NYSE and by over a 2-to-1 ratio on the Nasdaq exchange. There were 63 high-ranked companies from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, higher from the total of 52 issues that appeared on the prior session. New 52-week highs solidly outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange.
Housing Data:

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