Week In Review: Leaders Get Hit As Market Churns

Initially, the market rallied on the jobs report but sellers quickly emerged which put pressure on the market. It was disconcerting to see a several high profile leaders such as Apple Inc. (AAPL -1.61%) and Netflix (NFLX -3.04%) get smacked on Friday. Apple, one the strongest stocks since the March lows, triggered a technical sell signal when it violated its well defined 8-month upward trendline and its 50 DMA line on Friday. This was the first time since the March low that Apple closed below support (its upward trendline and 50 DMA line). Volume surged as the stocks fell which indicated that large institutional investors were unloading their positions, not Aunt Mary or Uncle Bob. The dollar rallied sharply after the jobs report was released which put pressure on a slew of commodities, mainly gold. Gold plunged sharply today which dragged a slew of gold related stocks. Remember that gold has been one of the strongest performing groups in recent weeks and now that it has fallen, a new group will need to emerge to carry this market higher. That coupled with the recent questionable action in the major averages and the dearth of leadership suggests this rally is “under pressure” which means caution is advised.

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Stocks Negatively Reverse After Encountering Resistance

The major averages negatively reversed (opened higher and closed lower) after a the European Central Bank (ECB) held rates steady and disappointing economic data was released. Volume, an important indicator of institutional sponsorship, was mixed compared to Wednesday’s levels; higher on the NYSE and lower on the Nasdaq exchange. As a result, the NYSE indexes marked a distribution day as they fell on higher volume but the Nasdaq avoided one since volume receded.

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Investors Digest Economic Data; Stocks End Mixed

The major averages ended mixed but in the lower half of their intra day range as investors digested the latest round of economic data. Volume, an important indicator of institutional sponsorship, was lighter than Tuesday’s levels on both major exchanges which helped offset the weak close.

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Dow Hits New 2009 Closing High As Dollar Falls

Stocks rallied across the globe as the dollar fell and the Dubai World concerns eased. Volume was lighter than Monday’s levels as the major averages advanced. Advancers trumped decliners by almost a 4-to-1 ratio on the NYSE and by a 2-to-1 ratio on the Nasdaq exchange. There were 45 high-ranked companies from the CANSLIM.net Leaders List making a new 52-week high and appearing on the CANSLIM.net BreakOuts Page, higher from the 13 issues that appeared on the prior session. New 52-week highs reported outnumbered new 52-week lows on the NYSE and on the Nasdaq exchange

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Stocks Fall As Investors Digest A Slew Of Economic Data

Stocks closed lower as investors digested a slew of economic data. Volume, a critical component of institutional demand, was mixed compared to Monday’s levels; higher on the Nasdaq and lower on the NYSE. The higher volume on the Nasdaq marked a distribution day for that exchange but the lower volume on the NYSE helped those indexes avoided that fate. Decliners led advancers by over a 21-to-17 ratio on the NYSE and by over a 16-to-11 ratio on the Nasdaq exchange. There were 12 high-ranked companies from the CANSLIM.net Leaders List making a new 52-week high and appearing on the CANSLIM.net BreakOuts Page, higher from the 41 issues that appeared on the prior session. In terms of new leadership, it was encouraging to see new 52-week highs outnumber new 52-week lows on the NYSE and Nasdaq exchange.

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Strong Start Fizzles In PM

The major averages opened sharply higher as the US dollar plunged after the latest round of stronger-than-expected housing data was released. However, sellers showed up in the afternoon and led the really to fizzle.

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