Stocks End Near Highs; Economic Data Weak
Thursday, July 1, 2010
Stock Market Commentary:
Stocks, commodities and the dollar fell after a series of lackluster economic data sparked concern that the global economic recovery is faltering. Thursday’s volume totals were reported higher on the NYSE and the Nasdaq exchange compared to Wednesday’s levels. Decliners led advancers by a 23-to-16 ratio on the NYSE and by a 9-to-5 ratio on the Nasdaq exchange. There was only 1 high-ranked company from the CANSLIM.net Leaders List that made a new 52-week high and appeared on the CANSLIM.net BreakOuts Page, lower from the 4 issues that appeared on the prior session. Meanwhile, new 52-week lows substantially outnumbered new 52-week highs on the NYSE and the Nasdaq exchange. As leadership evaporated in recent sessions, in this commentary it was repeatedly noted – “Without a healthy crop of leaders hitting new highs it is hard for the major averages to sustain a rally.”