The major averages negatively reversed and closed lower as volume totals exceeded the prior session's levels on both exchanges. This marked a distribution day for the major averages and suggests a pullback of some sort may be in the cards. Decliners led advancers by nearly a 2-to-1 ratio on the NYSE and by a 3-to-2 ratio on the Nasdaq exchange. There were 33 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 36 issues that appeared on the prior session. New 52-week highs were in the triple digits on both exchanges, while new 52-week lows were in the single digits yet again.

President Obama, and several other heads of state, addressed the United Nations' General Assembly today and tackled several important topics. The market edged higher all day but turned lower in the last hour as the bears showed up and send prices lower. Around 2pm EST, the Federal Reserve held rates steady and concluded their two-day meeting. The Fed said that it plans on slowing the purchases of mortgage-backed securities and housing-agency bonds “in order to promote a smooth transition in markets.” The Fed's $1.45 trillion in purchases will be executed by the end of the first quarter of 2010 as the market continues to stabilize from the worst sell off in several generations. This sent the US dollar higher and in turn several other markets lower.

The Dow Jones Industrial Average briefly traded above 9,900 which is the last round number below the psychologically important 10,000 level. The benchmark S&P 500 Index hit a high of 1,080 before turning lower and closing in the lower half of its range which is not an encouraging sign. Meanwhile, the tech-heavy Nasdaq Composite Index also negatively reversed and closed near its intra-day lows after hitting a new 2009 high of 2,167.70. The fact that all the major averages and several leading stocks negatively reversed after hitting a fresh 2009 highs suggests the long overdue pullback may be in the cards. Looking forward, one would be wise to closely watch your stocks and raise your stops to prevent any unnecessary losses from occurring.

Charts courtesy www.stockcharts.com

PICTURED 1: The Gold & Silver Index ($XAU -3.10%) is consolidating above prior chart highs.

Charts courtesy www.stockcharts.com

PICTURED 2: The Semiconductor Index ($SOX +0.52%) rallied to a new 2009 high.

Green Mountain Coffee Roasters (GMCR -$1.68 or -2.52% to $67.11) is consolidating on the right side of a 6-week cup shaped base, and it closed the session less than -7% off its all-time high. It did a great job of overcoming distributional pressure since its last appearance in this FSU section on 9/10/09 under the headline, "Struggling Below 50 Day Average 4 Weeks With Lack Of Volume Behind Gains," showing a possible "head-and-shoulders" top taking shape.  It avoided losses afterward that would have undercut its neckline and triggered a worrisome technical sell signal.

It completed an additional share offering on 8/07/09. Volume totals have been light or near average as it recently rose back above its 50-day moving average (DMA) line and rallied up through most overhead supply. It may go on to form a sound cup-with-handle type pattern in due time. GMCR traded up more than +168% since appearing with an annotated graph under the headline "It May Soon Be Time To Go Green" when featured in the January 2009 CANSLIM.net News (read here).

Color Codes Explained :
Y - Better candidates highlighted by our staff of experts.
G - Previously featured in past reports as yellow but may no longer be buyable under the guidelines.