By Harry Boxer, The Technical Trader
The stock market indices started the week off on a very strong note, gapping up at the opening, moving in a sharp 5-wave advance early on, then consolidating mid-day, reaching new session highs in early afternoon, and backing and filling the rest of the session in what appeared to be possible topping-type patterns. However, at the end of the day they did surge back up to close not far from the session highs.
Net on the day, the Dow was up 78.53 at 10,403.79, the S&P 500 up 11.22 at 1115.71, and Nasdaq 100 up nearly 28 today at 1846.40. The Philadelphia Semiconductor Index (SOXX) gained 10.62, or nearly 3 percent today.
Advance-declines were very strong, positive by 4 to 1 on New York and by 3 to 1 on Nasdaq. Up/down volume was about 5 to 1 positive, but the total volume was a light 960 million shares on the New York Stock Exchange. However, Nasdaq traded just under 2.5 billion and had about a 2 1/2 to 1 positive ratio.
TheTechTrader.com board was mostly higher across the board other than the ultrashorts, of course. Leading the way today were some of the Chinese stocks, with China Automotive (CAAS) up 2.20 to 22.79 and China Agritech (CAGC) up 1.45 at 26.45. However, Telestone Technologies (TSTC) got hammered lower today to 17.70 down 2.23 in that sector.
Other gainers of note, American International Group (AIG) jumped 1.01 on the announcement of the sale of a subsidiay for $30 billion, closing at 25.78.
Junior biotechs and junior oils today had a very good session. Brigham Exploration (BEXP) advanced 99 cents to 17.41, tagging a new 2-year high today. McMoRan (MMR) gained 29 cents to 17.57, and US Energy (USEG) 47 cents to 6.31. Several other junior oils had a very good session today.
Among the junior biotechs, Dendreon (DNDN) jumped 1.28 to 32.51, MAP Pharmaceuticals (MAPP) 1.07 to 14.79, Vivus (VVUS) 48 cents at 8.88, Somaxon Pharmaceuticals (SOMX) 44 cents at 4.35, and Momenta Pharmaceuticals (MNTA) 64 cents to 15.28. Incyte Pharmaceuticals (INCY) advanced 84 cents to 11.50, and JAZZ Pharmaceuticals (JAZZ) jumped 56 cents to 10.34.
Other stocks of note are Acme Packet, Inc. (APKT) added 66 cents to 17.35, a new all time high.
On the downside the ultra shorts continue to get hammered. Direxion Daily Large Cap Bear 3x (BGZ) lost 54 cents to 16.31, Direxion Daily Emerging Markets Bear 3x (EDZ) 29 cents to 5.30, the Direxion Daily Financial Bear 3x (FAZ) 17 cents to 17.48 and Direxion Daily Small Cap Bear 3x (TZA) 63 cents at 8.62
Stepping back and reviewing the hourly chart patterns, the indicies exploded right through key short-term resistance, kept running and then consolidated in the latter part of the day but held most of the gains and closed very well. A very good start to the week. We’ll see how the rest of the week goes.
Good trading!
Harry
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