By Harry Boxer, The Technical Trader
The stock market indices spent most of the day consolidating, and by mid-afternoon were in an extremely narrow coiling-type action. But that did resolve itself to the upside, and they rallied into the close and closed at the session and weekly highs as well as rally highs.
Net on the day, the Dow was up another 58.73 at 10,197.73, just a few points off its high. The S&P 500 was up 7.68 at 1077.93, just a fraction off its high. The Nasdaq 100 was up 16.48 at 1814.79, just fractions off its high as well.
So, it was a solid day for the indices today.
Advance/declines were 4 to 1 positive on the New York Stock Exchange and a little more than 3 to 1 positive on Nasdaq. Up/down volume was about 4 to 1 positive on New York and a little less than 3 to 1 positive on Nasdaq. Total volume on New York was a light 870 million shares and Nasdaq traded 1.6 billion shares today.
TheTechTrader.com board, as a result, was mostly higher. Leading the way were large-cap tech stocks. Google Inc. (GOOG) was up 10.93 at 467.49, Goldman Sachs (GS) up 2.60 at 138.06, and Apple Inc. (AAPL) up 1.53 at 259.62.
Low-price techs had some movers today. Delcath Systems Inc. (DCTH) was up 1.83 at 7.68 on nearly 8 million, and Nanometrics Incorporated (NANO) jumped 1.02 to 9.71 on 3 1/4 million. Acme Packet, Inc. (APKT) rose 1.05 to 29.45, Amazon.com Inc. (AMZN) also gained 1.04 at 117.26, and IDT Corporation (IDT) advanced 1.02 at 16.02.
Other gainers of note, the ETF Direxion Daily Financial Bull 3X Shares (FAS) jumped 1.01 to 22.05. Isilon Systems, Inc. (ISLN) gained 60 cents to 14.20, OmniVision Technologies Inc. (OVTI) 76 cents to 23.44, RINO International Corporation (RINO) 55 cents to 13.86, Origin Agritech Limited (SEED) 64 cents to 7.90, and Westport Innovations Inc. (WPRT) 38 cents to 16.48.
Stepping back and reviewing the hourly chart patterns, the indices were up early, but then consolidated for several hours, coiling and narrowing until finally by mid-afternoon they began to break out. Then in the last hour and a half or so they rallied to close out the session at the weekly highs.
It was a very nice way to end the week for the bulls.
Good Trading!
Harry
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