By Harry Boxer, The Technical Trader
The stock market indices followed through with solid gains today. They had a particularly strong rally late in the day to close at the highs for the day going away, but it was different in the morning.
The day started out with some narrow action. They did try an early morning rally, with the S&P 500 getting to new rally highs, but were not able to confirm on the Nasdaq 100. They then pulled off sharply, took out minor support on the NDX, held secondary support, and held initial support on the SPX. That non-confirmation by the SPX resulted in a turnaround. They rallied back up to the highs, backed off, but moved through them late in the session and kept rolling into the close.
Net on the day, the Dow closed at 10,888.83, up 102.94. The S&P 500 closed at 1174.17, up 8.36, and the Nasdaq 100 at 1963.20 up 13.61. The Philadelphia Semiconductor Index (SOXX) jumped another 8.22 today, or more than 2%, to 372.47.
Advance-declines were nearly 3 to 1 positive on the New York Stock Exchange and a little more than 2 to 1 positive on Nasdaq. Up/down volume was better than 3 to 1 positive on New York but light with only 973 million shares traded. Nasdaq traded 2 1/4 billion and had a ratio of 4 1/2 to 1 positive on advancing volume over declining volume.
TheTechTrader.com board was mostly up today, as a result, except for the ultra-short ETFs. Leading the way today was Salix Pharmaceuticals (SLXP) at 33.53 up 2.05, Skechers USA (SKX) at 35.56 up 1.62, and Telestone Technologies (TSTC), in a firm Chinese sector, at 17.86 up 1.61.
RINO International (RINO) jumped 1.23 to 23.23 and InterMune (ITMN) 1.00 to 42.70. Dendreon (DNDN) tagged a new all-time high at 38.12, closing at 37.82, up 1.37. China Automotive (CAAS) gained 98 cents to 21.17 and Acme Packet, Inc. (APKT) 82 cents to 18.99.
The Direxion Financial Bull 3x Shares (FAS) jumped 1.88 to 95.58 in the ultralong ETF sector.
Other stocks of note: Brigham Explorations (BEXP) at 16.81 up 56 cents, Incyte Corp (INCY) at 14.15 up 96 cents, and Rambus Inc. (RMBS) at 22.90 up 38 cents. Somaxon Pharmaceuticals (SOMX) jumped as high as 1.60 at one point, but gave it all back and closed up 58 cents, however, at 8.88 on 21 million shares today.
Xyratex Ltd. (XRTX) advanced 57 cents to 16.67, and Integrated Silicon Solutions (ISSI) today had a stellar session, up 1.09 to 8.58. Sequenom (SQNM) gained 1.11 to 6.64, American Superconductor (AMSC) 2.26 to 28.40, and low-priced Star Scientific, Inc. (CIGX) 38 cents at 2.28.
Stepping back and reviewing the hourly chart patterns, the indices tried to rally in the morning, rolled over hard, held support then rallied in a 5-wave advance the rest of the session closing at session highs once again. The rally rolls on and the S&P 500 is at new 2010 highs.
Good trading!
Harry
No comments:
Post a Comment