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Showing posts with label Harry. Show all posts
Showing posts with label Harry. Show all posts
Monday, October 17, 2011
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Saturday, October 15, 2011
Outstanding Close to Week
The stock market indices closed the week with a bang to the upside, closing at the highs for the day going away as an afternoon rally brought them back to new highs for the session, for the week, and for the last several weeks, in fact.
Net on the day, the Dow was up 166.36 at 11,644.36, the S&P 500 up 20.92 at 1224.58, and the Nasdaq 100 up 45.06 at 2371.94, the high for the day.
Advance-declines were 2530 up and 493 down, or 5 to 1 positive, on the New York Stock Exchange. Nasdaq advance-declines were 3 to 1 positive. Up/down volume was 775,000 up and 100 million down, or 7 1/2 to 1 positive on New York, with total volume of a light 838,000 million shares traded today. Nasdaq traded 1.66 billion shares and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher. Leading the way by far was Apple Inc. (AAPL), up 13.57 to 422.00 even, just short of an all-time new high. Amazon.com Inc. (AMZN) gained 10.56 to 246.71, International Business Machines Corp. (IBM) 3.71 to 190.53, which is an all-time new high, and Chipotle Mexican Grill, Inc. (CMG) 3.49 to 320.80.
Universal Display Corp. (PANL) was up 3.19 to 51.36, Molycorp, Inc. (MCP) 1.92 to 39.09, MAKO Surgical Corp. (MAKO) 2.35 to 41.50, Brigham Exploration Co. (BEXP) 1.70 to 30.36 in a strong oil group, and Aruba Networks, Inc. (ARUN) 1.19 to 24.53. .
In addition, Mitek Systems Inc. (MITK) had a big day today, up 87 cents to 11.55, or 8%, on the biggest volume in nearly a month.
Also, low-priced USEC Inc. (USU) was up 71 cents to 2.04, or 53.3%, on 6.77 million shares traded. Oxigene Inc. (OXGN) gained 28 cents to 1.32, or 37%, on over 3 million shares. GTX Inc. (GTXI) jumped 68 cents to 4.02, or 20.36%, on 672,000 shares, while China Shen Zhou Mining & Resources, Inc. (SHZ) rose 34 cents to 1.88, or 22%, on 880,000 shares. ATP Oil & Gas Corp. (ATPG) added 1.48 to 10.65, or 16%, on over 3 million shares, and Flotek Industries Inc. (FTK) 50 cents to 6.14, or 9%, on 1.34 million shares. .
Harman International Industries Inc. (HAR) was up 3.27 to 37.46, or nearly 10%; W&T Offshore Inc. (WTI) 1.54 to 17.77, or 9.5%; and Riverbed Technology, Inc. (RVBD) 1.93 to 23.41, or 9%.
The Direxion Daily Small Cap Bull 3X Shares (TNA) was up 2.44 to 43.23.
The ultra-shorts got hammered today. VelocityShares Daily 2x VIX ST ETN (TVIX) was down 6.38 to 49.89, from 109 two weeks ago. The Direxion Daily Small Cap Bear 3X Shares (TZA) lost 2.32 to 36.48, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 2.42 to 40.46 and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 1.95 to 35.50.
Stepping back and reviewing the hourly chart patterns, the indices had a huge gap up, pulled back and did about a .38 Fibonacci retracement, held 2345 NDX and 1212 S&P 500. It slowly began to rise, and then accelerated into the close.
That was an excellent way to close the week today.
Good Trading!
Harry
Thursday, October 13, 2011
Nasdaq Leads in Mixed Session
The stock market indices had a mixed day today with the Nasdaq up and the Dow and S&P 500 down.
Net on the day, the Dow was down 40.72 at 11,478.13, 100 points off its low. The S&P 500 fell 3.59 at 1203.86, 13 points off its low, and the Nasdaq 100 was up 19.70 at 2326.88, 27 points off its low.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and there were more declines than advances by about 50 issues on Nasdaq. Up/down volume was nearly 2 to 1 negative on New York on total volume of just under 1 billion. Nasdaq traded just 1 3/4 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed today. But Nasdaq was strong, led by Apple Inc. (AAPL), up 6.24 to 408.43, and Netflix, Inc. (NFLX), up 3.39 to 117.01.
Other leaders of note on our board today included Coffee Holding Co.Inc. (JVA), which jumped 1.09 to 13.01. TriQuint Semiconductor, Inc. (TQNT) exploded for 1.46 to 7.39, a 25% gain. Mitek Systems Inc. (MITK) jumped another 53 cents to 10.68, Clean Diesel Technologies Inc. (CDTI) was up 27 cents to 3.88, and ZOOM Technologies, Inc. (ZOOM) gained 36 cents to 2.20, or 20%.
In addition, NVIDIA Corporation (NVDA) was up 85 cents to 15.46 in a strong semiconductor group. Royale Energy Inc. (ROYL) was outstanding today, up 1.39 to 3.53, or 65%, on 2.2 million today. Clearwire Corporation (CLWR) was up 35 cents to 1.65, or 27%.
Also, Sina Corp. (SINA) advanced 14.40 to 92.88, or 18%, on 18 million shares traded. Range Resources Corporation (RRC) was up 5.52 to 68.44, or nearly 9%, on 7.2 million, and Akorn, Inc. (AKRX) added 69 cents to 8.88, or 8 1/2%, on 9 million. Mistras Group, Inc. (MG), a member of our Top 25 list, gained 1.62 to 22.10, or 7.9%, and Thor Industries Inc. (THO) was up 2.24 to 36.16, with Williams-Sonoma Inc. (WSM) up 2.16 to 35.66.
Among the ultra-short ETFs, the Direxion Daily Financial Bear 3X Shares (FAZ) was up 2.63 to 53.75, the UltraShort Silver (ZSL) 68 cents to 14.01, the ProShares UltraShort Gold (GLL) 21 cents to 18.11, and the ProShares UltraShort DJ-UBS Crude Oil (SCO) 82 cents to 55.72.
On the downside, Goldman Sachs (GS) was the only point-plus loser on our board today, down 2.96 to 96.15.
Stepping back and reviewing the hourly chart patterns, the indices moved down lower, tested support at 2300 NDX and 1190 S&P 500, and held in the morning. They bounced back in choppy fashion in an up-channel to retest yesterday’s double-top at 2332 late in the session, with the SPX testing 1208 at that point. That was far off from the high for the day at 1218-19. However, they then pulled down sharply, and in the last 15 minutes bounced in what looked like late short covering.
Let’s see how it goes on Friday.
Good Trading!
Harry
Saturday, October 8, 2011
Indices Close Negative on Late Rollover Reversal
The stock market indices rolled over in the last 30 minutes of the session to take the indices from positive to negative to close the week on a down note, but not too far from the weekly highs.
Although the day started out with a move to the upside, the Nasdaq 100 plunged on three different occasions to test support at 2190 and S&P 500 made lower lows and got down to 1150 several times. But the market was not able to break those levels on the NDX and SPX. As a result, the indices had a strong 3-wave move into the last half hour that took them to new highs for the week on the NDX. However, failing to confirm it on the S&P 500 caused a late, sharp rollover in the last half hour that took them into negative territory.
Net on the day, the Dow was down 20.21 at 11,103.12, 129 points off the high. The S&P 500 was down 9.51 at 1155.46, 16 points off the high. The Nasdaq 100 was down 15.23 at 2202.76, 25 points off the high.
That was certainly a late-rollover reversal.
Advance-declines were negative by 3 to 1 on the New York Stock Exchange, and the same on Nasdaq. Up/down volume was more than 4 to1 negative on New York, with total volume of a little less than 1.2 billion shares traded today. Nasdaq traded just over 2 billion shares and had a 3 to1 negative volume ratio.
TheTechTrader.com board, as a result of the late negative sell-off, was mostly lower today. Leading the way on the downside today was First Solar, Inc. (FSLR), down 4.99 to 59.74. Apple Inc. (AAPL) lost 7.57 to 369.80, Goldman Sachs (GS) 5.24 to 92.69, Netflix, Inc. (NFLX) 6.03 to 117.21, Universal Display Corp. (PANL) 2.42 to 44.31, Life Technologies Corporation 2.56 to 36.82, BMC Software Inc. (BMC) 3.86 to 36.98, Youku.com Inc (YOKU) 1.13 to 18.05, and Chipotle Mexican Grill, Inc. (CMG) 4.40 to 294.59.
In addition, SodaStream International Ltd. (SODA) was down 73 cents to 35.05, Clearwire Corporation (CLWR) down 66 cents to 1.39, and Westport Innovations Inc. (WPRT) 57 cents to 27.68.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) lost 2.71 to 34.03.
On the plus side there were a few gainers of note. ServiceSource International, In (SREV) had a good day after earnings came out, up 1.22 to 14.57, although that traded as high as 15.32 earlier. Silicon Motion Technology Corp. (SIMO) was up 77 cents to 13.26, Coffee Holding Co.Inc. (JVA) 78 cents to 9.04, Liquidity Services, Inc. (LQDT) 73 cents to 31.55, Dollar Tree, Inc. (DLTR) 1.23 to 77.68, Westport Innovations Inc. (WPRT) 57 cents to 27.68, GeoEye, Inc. (GEOY) 2.10 to 31.84, Amazon.com Inc. (AMZN) 3.23 to 224.74, and IPG Photonics Corporation (IPGP) 7.26 to 55.02.
The ultra-shorts had a good session today. VelocityShares Daily 2x VIX ST ETN (TVIX) was up 2.30 to 77.90, Direxion Daily Small Cap Bear 3X Shares (TZA) up 3.42 to 47.67, and Direxion Daily Financial Bear 3X Shares (FAZ) 5.46 to 63.82. The ProShares UltraShort Silver (ZSL) was up 84 cents to 14.83.
Stepping back and reviewing the hourly chart patterns, the indices were up early, had a 3-wave decline, but held support midday on three different occasions, and then rallied in the afternoon. They spiked up in the last half hour, but then rolled over sharply in the last half hour, and plunged to pullback the indices into the negative column.
It was a loss for the session, but it wasn’t too bad considering the gains the indices made this week.
We‘ll see how it goes on Monday.
Good Trading!
Harry
Although the day started out with a move to the upside, the Nasdaq 100 plunged on three different occasions to test support at 2190 and S&P 500 made lower lows and got down to 1150 several times. But the market was not able to break those levels on the NDX and SPX. As a result, the indices had a strong 3-wave move into the last half hour that took them to new highs for the week on the NDX. However, failing to confirm it on the S&P 500 caused a late, sharp rollover in the last half hour that took them into negative territory.
Net on the day, the Dow was down 20.21 at 11,103.12, 129 points off the high. The S&P 500 was down 9.51 at 1155.46, 16 points off the high. The Nasdaq 100 was down 15.23 at 2202.76, 25 points off the high.
That was certainly a late-rollover reversal.
Advance-declines were negative by 3 to 1 on the New York Stock Exchange, and the same on Nasdaq. Up/down volume was more than 4 to1 negative on New York, with total volume of a little less than 1.2 billion shares traded today. Nasdaq traded just over 2 billion shares and had a 3 to1 negative volume ratio.
TheTechTrader.com board, as a result of the late negative sell-off, was mostly lower today. Leading the way on the downside today was First Solar, Inc. (FSLR), down 4.99 to 59.74. Apple Inc. (AAPL) lost 7.57 to 369.80, Goldman Sachs (GS) 5.24 to 92.69, Netflix, Inc. (NFLX) 6.03 to 117.21, Universal Display Corp. (PANL) 2.42 to 44.31, Life Technologies Corporation 2.56 to 36.82, BMC Software Inc. (BMC) 3.86 to 36.98, Youku.com Inc (YOKU) 1.13 to 18.05, and Chipotle Mexican Grill, Inc. (CMG) 4.40 to 294.59.
In addition, SodaStream International Ltd. (SODA) was down 73 cents to 35.05, Clearwire Corporation (CLWR) down 66 cents to 1.39, and Westport Innovations Inc. (WPRT) 57 cents to 27.68.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) lost 2.71 to 34.03.
On the plus side there were a few gainers of note. ServiceSource International, In (SREV) had a good day after earnings came out, up 1.22 to 14.57, although that traded as high as 15.32 earlier. Silicon Motion Technology Corp. (SIMO) was up 77 cents to 13.26, Coffee Holding Co.Inc. (JVA) 78 cents to 9.04, Liquidity Services, Inc. (LQDT) 73 cents to 31.55, Dollar Tree, Inc. (DLTR) 1.23 to 77.68, Westport Innovations Inc. (WPRT) 57 cents to 27.68, GeoEye, Inc. (GEOY) 2.10 to 31.84, Amazon.com Inc. (AMZN) 3.23 to 224.74, and IPG Photonics Corporation (IPGP) 7.26 to 55.02.
The ultra-shorts had a good session today. VelocityShares Daily 2x VIX ST ETN (TVIX) was up 2.30 to 77.90, Direxion Daily Small Cap Bear 3X Shares (TZA) up 3.42 to 47.67, and Direxion Daily Financial Bear 3X Shares (FAZ) 5.46 to 63.82. The ProShares UltraShort Silver (ZSL) was up 84 cents to 14.83.
Stepping back and reviewing the hourly chart patterns, the indices were up early, had a 3-wave decline, but held support midday on three different occasions, and then rallied in the afternoon. They spiked up in the last half hour, but then rolled over sharply in the last half hour, and plunged to pullback the indices into the negative column.
It was a loss for the session, but it wasn’t too bad considering the gains the indices made this week.
We‘ll see how it goes on Monday.
Good Trading!
Harry
Friday, October 7, 2011
Upside Follow-Through Continues
The stock market indices had another stellar follow-through session today as support continued to hold all day long. They opened slightly positive and backed off immediately to test support. That held, and then rallied sharply higher, pulled back midmorning, and rallied again to new highs, which was tested in the afternoon. That midmorning pullback held, and that caused the market to bounce to new highs on three occasions. They couldn’t get through, but finally in the last half hour they exploded and closed at the highs for the day going away.
Net on the day, the Dow was up 183.38 at 11,123.33, the S&P 500 up 20.94 at 1264.97, and the Nasdaq 100 up 35.22 at 2217.99.
Advance-declines were almost 4 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was more than 15 to 1 positive on New York, with total volume of more than 1 billion shares traded up and only 53 million down. Nasdaq traded 2 billion shares to the upside and 248 million to the downside, and had an 8 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher with several multiple-point gainers. They included First Solar, Inc. (FSLR) up 3.86 to 64.73, International Business Machines Corp. (IBM) up 4.84 to 181.69, Goldman Sachs (GS) 3.64 to 97.93, Molycorp, Inc. (MCP) 4.19 to 36.45, Netflix, Inc. (NFLX) 3.48 to 123.24, SodaStream International Ltd. (SODA) 2.95 to 35.78, Youku.com Inc (YOKU) 2.70, Universal Display Corp. (PANL) 1.38 to 46.73, Questcor Pharmaceuticals, Inc. (QCOR) 1.94 to 31.27, MAKO Surgical Corp. (MAKO) 2.16 to 37.09, and Golar LNG Ltd. (GLNG) 1.47 to 31.70.
In addition, the Direxion Daily Small Cap Bull 3X Shares (TNA) was up 2.27 to 36.74.
There were only a few fractional losers other than InterDigital, Inc. (IDCC), which had a difficult session, down 1.11 to 48.65.
The ultra-shorts got hammered again today. The VelocityShares Daily 2x VIX ST ETN (TVIX) was down 2.41 to 75.60, the Direxion Daily Small Cap Bear 3X Shares (TZA) 3.31 to 44.25, the Direxion Daily Financial Bear 3X Shares (FAZ) 5.93 to 58.35, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.48 to 41.89.
The ProShares UltraShort DJ-UBS Crude Oil (SCO) was down 4.57 to 58.42, the ProShares UltraShort Silver (ZSL) dropped 1.90 to 13.99, and the ProShares UltraShort Gold (GLL) gave back 28 cents to 18.50.
Stepping back and reviewing the hourly chart patterns, the indices rallied sharply after an early morning dip to new rally highs, taking the NDX up to 2213 in the morning, pulling back to the morning low at 2191 midday, but closing at nearly 2218. The S&P 500, which dipped to 1135, rallied up to 1160, and pulled back to 1152, held support, and rallied to close at 1165.
It was a very strong follow-through day today. The S&P 500 and the NDX closed slightly above the declining topsline. There is resistance up in this zone, so we’ll see if they follow through tomorrow, but they are overbought short-term.
Good Trading!
Harry
Wednesday, October 5, 2011
Follow-Through Rally
The stock market indices had a fantastic follow-through session. The day started out with a little bit of a pop and then a pullback. The initial pullback held support on both indices, and then they ran sharply higher, reaching as high as 2165 on the Nasdaq 100 and 1134 on the S&P 500, before pulling back again. That was the steepest pullback of the day, and it held the initial pullback lows earlier, which was a signal that they were going higher. They rallied across 2180 NDX and up towards 1140 SPX, and then in the last half hour they popped through those levels and reached 2188 and 1145 and change, respectively, on those indices. They closed off those highs, but not by much.
Net on the day, the Dow was up 131.24 at 10,939.95, the S&P 500 up 20.09 at 1144.04, and the Nasdaq 100 up 53.56 at 2182.77.
Advance-declines were nearly 3 to 1 positive on the New York Stock Exchange, and little more than 2 to 1 positive on Nasdaq. Up/down volume was better than 5 to 1 positive on New York, with total volume of just under 1.2 billion shares traded today. Nasdaq traded more than 2.4 billion shares and had an 8 to 1 positive volume ratio.
So, as you can see, it was a very strong day on Wall Street today. A total reversal from just two days ago.
TheTechTrader.com board, as a result, was mostly higher. There were quite a few point-plus gainers today. Leading the way, Apple Inc. (AAPL) was up 5.75 to 378.25, International Business Machines Corp. (IBM) jumped 2.11 to 176.85, Netflix, Inc. (NFLX) up 4.86 to 119.76, SodaStream International Ltd. (SODA) 1.07 to 32.83, VirnetX Holding Corp (VHC) 1.67 to 15.78, Universal Display Corp. (PANL) 1.26 to 45.35, InterDigital, Inc. (IDCC) 1.05 to 49.76, Brigham Exploration Co. (BEXP) 1.87 to 26.00, and Aruba Networks, Inc. (ARUN) 1.35 to 22.83.
First Solar, Inc. (FSLR) was up 3.09 to 60.87 in a strong solar group today.
In addition, Yahoo! Inc. (YHOO) jumped 1.46 to 15.92, on Microsoft take-over news. Mitek Systems Inc. (MITK) was up 65 cents to 9.70, and Research In Motion Limited (RIMM) 2.59 to 23.59.
The coal group was strong today. James River Coal Co. (JRCC) was up 1.05 to 7.51 in a strong coal sector, as was Patriot Coal Corporation (PCX), up 1.12 to 9.58.
On the downside, other than the ultra-shorts, there were only small fractional losers on the board today.
The ultra-shorts had another bad day today. The VelocityShares Daily 2x VIX ST ETN (TVIX) was down 8.80 to 78.01, down from 109 yesterday. The Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 2.03 to 47.56, the Direxion Daily Financial Bear 3X Shares (FAZ) fell 2.38 to 64.28, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) lost 2.81 to 44.37.
Stepping back and reviewing the hourly chart patterns, the indices had a wonderful follow-through rally today after some brief pause and hesitation this morning. They took off, pulled back midday, rallied early afternoon, pulled back mid-afternoon, and then ran up again in a beautiful 5-wave advance into the close, and closed up on the session.
It was a beautiful follow-through day and perhaps a definitive signal that at least a short-term bottom is in. Let’s see how it goes tomorrow.
Good Trading!
Harry
Net on the day, the Dow was up 131.24 at 10,939.95, the S&P 500 up 20.09 at 1144.04, and the Nasdaq 100 up 53.56 at 2182.77.
Advance-declines were nearly 3 to 1 positive on the New York Stock Exchange, and little more than 2 to 1 positive on Nasdaq. Up/down volume was better than 5 to 1 positive on New York, with total volume of just under 1.2 billion shares traded today. Nasdaq traded more than 2.4 billion shares and had an 8 to 1 positive volume ratio.
So, as you can see, it was a very strong day on Wall Street today. A total reversal from just two days ago.
TheTechTrader.com board, as a result, was mostly higher. There were quite a few point-plus gainers today. Leading the way, Apple Inc. (AAPL) was up 5.75 to 378.25, International Business Machines Corp. (IBM) jumped 2.11 to 176.85, Netflix, Inc. (NFLX) up 4.86 to 119.76, SodaStream International Ltd. (SODA) 1.07 to 32.83, VirnetX Holding Corp (VHC) 1.67 to 15.78, Universal Display Corp. (PANL) 1.26 to 45.35, InterDigital, Inc. (IDCC) 1.05 to 49.76, Brigham Exploration Co. (BEXP) 1.87 to 26.00, and Aruba Networks, Inc. (ARUN) 1.35 to 22.83.
First Solar, Inc. (FSLR) was up 3.09 to 60.87 in a strong solar group today.
In addition, Yahoo! Inc. (YHOO) jumped 1.46 to 15.92, on Microsoft take-over news. Mitek Systems Inc. (MITK) was up 65 cents to 9.70, and Research In Motion Limited (RIMM) 2.59 to 23.59.
The coal group was strong today. James River Coal Co. (JRCC) was up 1.05 to 7.51 in a strong coal sector, as was Patriot Coal Corporation (PCX), up 1.12 to 9.58.
On the downside, other than the ultra-shorts, there were only small fractional losers on the board today.
The ultra-shorts had another bad day today. The VelocityShares Daily 2x VIX ST ETN (TVIX) was down 8.80 to 78.01, down from 109 yesterday. The Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 2.03 to 47.56, the Direxion Daily Financial Bear 3X Shares (FAZ) fell 2.38 to 64.28, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) lost 2.81 to 44.37.
Stepping back and reviewing the hourly chart patterns, the indices had a wonderful follow-through rally today after some brief pause and hesitation this morning. They took off, pulled back midday, rallied early afternoon, pulled back mid-afternoon, and then ran up again in a beautiful 5-wave advance into the close, and closed up on the session.
It was a beautiful follow-through day and perhaps a definitive signal that at least a short-term bottom is in. Let’s see how it goes tomorrow.
Good Trading!
Harry
Tuesday, October 4, 2011
Indices Close Sharply Higher in Last-Hour Surge
The stock market indices had yet another turn-around Tuesday, especially in the last hour when they took off and exploded. The incredible amount of pressure and short covering in the last 45 minutes to an hour was astounding.
The day started out with a big gap down. They went down to 2050 on the Nasdaq 100, and reached 1075 on the S&P 500. They then had a beautiful 5-wave rally, and went all the way back up to 2150 NDX and 1104 on the SPX. They rolled over to retest the lows and actually took them out on the NDX, but not so on the S&P 500. They got all the way back down to 1180 on the SPX and down near 2042 on the NDX. At that point they went vertically straight up into the close, from 2042 on the NDX to 2130. That was nearly an 85-point, straight-up rally. The SPX went from just under 1180 to nearly 11.25, or up 65 points.
That kind of rally is unheard of in less than an hour. It was one of the best short-covering rallies I’ve ever seen. No doubt about it.
Net on the day, the Dow went from 10,404 all the way up to 10,808. That’s more than 400 points in one day. It ended up 153.41 at 10,808.71. The S&P 500 jumped from 1074 to 1125, closing up 24.72 at 1123.95. The Nasdaq 100 jumped from 2042.90 to 2131, closing up 44.17 at 2129.21, just 2 points off the high.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was 6 1/2 to 1 positive on New York, with total volume of 1 2/3 billion shares traded today. Nasdaq traded 3 billion shares and had a 9 to1 positive volume ratio on advancing volume over declining volume.
It was a huge rally today.
TheTechTrader.com board, as you can imagine, was vastly higher. The Direxion Daily Small Cap Bull 3X Shares (TNA) was up 5.16 to 33.05, and most of that gain was in the last 45 minutes. Goldman Sachs (GS) jumped from 84.27 to 95.22, closing up 4.50 to 94.58, InterDigital, Inc. (IDCC) went from 43.93 to 48.89, up 4.26 to 48.71. Travelzoo Inc. (TZOO) jumped from 20.68 to 24.54, and closed up 3.44 to 24.46.
In addition, SodaStream International Ltd. (SODA) rose 2.64 to 31.76, Questcor Pharmaceuticals, Inc. (QCOR) 2.53 to 28.89, Universal Display Corp. (PANL) 2.45 to 44.09, and LSB Industries Inc. (LXU) 2.95 to 29.05.
There were big reversals across the board today, and too many to mention.
On the downside, the ultra-shorts did not have as good of a day. The VelocityShares Daily 2x VIX ST ETN (TVIX) got slam-dunked, going from 85.39 to 109.17, and then down 14.09 to 86.81, and trading in the after hours as low as the mid 80s. The Direxion Daily Small Cap Bear 3X Shares (TZA) got hammered, going from 49.28 to 63.87, and closed down 11.70 to 49.59. The Direxion Daily Financial Bear 3X Shares (FAZ) went from 65.88 to 81.29, closing down 8.14 to 66.66.
There were many stocks that rallied sharply. Apple Inc. (AAPL), which had rolled over hard in the afternoon from 381.80 down to 354.25 and was partially responsible for the sell-off today after news of the new iPhone, rallied to close down just 2.10 to 372.50.
So you can see why the indices rallied.
Let’s hope that tomorrow is another great day.
Good Trading!
Harry
The day started out with a big gap down. They went down to 2050 on the Nasdaq 100, and reached 1075 on the S&P 500. They then had a beautiful 5-wave rally, and went all the way back up to 2150 NDX and 1104 on the SPX. They rolled over to retest the lows and actually took them out on the NDX, but not so on the S&P 500. They got all the way back down to 1180 on the SPX and down near 2042 on the NDX. At that point they went vertically straight up into the close, from 2042 on the NDX to 2130. That was nearly an 85-point, straight-up rally. The SPX went from just under 1180 to nearly 11.25, or up 65 points.
That kind of rally is unheard of in less than an hour. It was one of the best short-covering rallies I’ve ever seen. No doubt about it.
Net on the day, the Dow went from 10,404 all the way up to 10,808. That’s more than 400 points in one day. It ended up 153.41 at 10,808.71. The S&P 500 jumped from 1074 to 1125, closing up 24.72 at 1123.95. The Nasdaq 100 jumped from 2042.90 to 2131, closing up 44.17 at 2129.21, just 2 points off the high.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was 6 1/2 to 1 positive on New York, with total volume of 1 2/3 billion shares traded today. Nasdaq traded 3 billion shares and had a 9 to1 positive volume ratio on advancing volume over declining volume.
It was a huge rally today.
TheTechTrader.com board, as you can imagine, was vastly higher. The Direxion Daily Small Cap Bull 3X Shares (TNA) was up 5.16 to 33.05, and most of that gain was in the last 45 minutes. Goldman Sachs (GS) jumped from 84.27 to 95.22, closing up 4.50 to 94.58, InterDigital, Inc. (IDCC) went from 43.93 to 48.89, up 4.26 to 48.71. Travelzoo Inc. (TZOO) jumped from 20.68 to 24.54, and closed up 3.44 to 24.46.
In addition, SodaStream International Ltd. (SODA) rose 2.64 to 31.76, Questcor Pharmaceuticals, Inc. (QCOR) 2.53 to 28.89, Universal Display Corp. (PANL) 2.45 to 44.09, and LSB Industries Inc. (LXU) 2.95 to 29.05.
There were big reversals across the board today, and too many to mention.
On the downside, the ultra-shorts did not have as good of a day. The VelocityShares Daily 2x VIX ST ETN (TVIX) got slam-dunked, going from 85.39 to 109.17, and then down 14.09 to 86.81, and trading in the after hours as low as the mid 80s. The Direxion Daily Small Cap Bear 3X Shares (TZA) got hammered, going from 49.28 to 63.87, and closed down 11.70 to 49.59. The Direxion Daily Financial Bear 3X Shares (FAZ) went from 65.88 to 81.29, closing down 8.14 to 66.66.
There were many stocks that rallied sharply. Apple Inc. (AAPL), which had rolled over hard in the afternoon from 381.80 down to 354.25 and was partially responsible for the sell-off today after news of the new iPhone, rallied to close down just 2.10 to 372.50.
So you can see why the indices rallied.
Let’s hope that tomorrow is another great day.
Good Trading!
Harry
Monday, October 3, 2011
Nasty Start to Week
The week started off with a thud as the stock market indices gapped down. They had a strong snapback early in the session on positive economic news, but that was it for the day. The indices then came down hard in a 5-wave decline, but at the end of the day when it looked like they were snapping back into the close, they suddenly reversed course in the last 10 minutes and got crushed into the close, finishing at the lows for the day.
It was a very nasty way to start the week.
Net on the day, the Dow was down 258.08 at 10,655.30, the S&P 500 down 32.19 at 1099.23, and the Nasdaq 100 down 54.14 at 2096.04.
Advance-declines were almost 10 to 1 negative with 291 up and nearly 2800 down on the New York Stock Exchange, and on Nasdaq they were about 10 to 1 negative with 239 up and 2383 down. Up/down volume on New York was about 30 to 1 negative, with 41 million up and 1.33 billion down, on total volume of 1.8 billion shares traded today. Nasdaq traded 2 billion shares, with 167 million up and 2.4 billion down, and had a 15 to 1 negative volume ratio.
TheTechTrader.com board was entirely negative except for the ultra-shorts, of course. We traded the ultra-shorts long, and VelocityShares Daily 2x VIX ST ETN (TVIX) hit our intermediate target, exploding to over 100 today, up 11.47 to 100.90, reaching as high as 101.34. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 8.32 to 61.29, Direxion Daily Financial Bear 3X Shares (FAZ) 8.83 to 74.80, Direxion Daily Large Cap Bear 3X Shares (BGZ) 4.39 to 50.67, and iPath S&P 500 VIX Short-Term Futures ETN (VXX) 3.47 to 56.84.
On the downside, Apple Inc. (AAPL) lost 6.72 to 374.60, Universal Display Corp. (PANL) 6.30 to 41.64, SodaStream International Ltd. (SODA) 3.93 to 29.12, VirnetX Holding Corp (VHC) 2.61 to 12.38, Molycorp, Inc. (MCP) 2.75 to 30.12, Goldman Sachs (GS) 4.47 to 90.08, InterDigital, Inc. (IDCC) 2.03 to 44.45, and First Solar, Inc. (FSLR) 5.31 to 57.90. Those were among the many stocks down today.
It was quite a negative day on Wall Street. Climactic at that. We got a negative 1607 tick at one point, but the day closed very negatively and we’re likely to open to the downside tomorrow.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, pulled back sharply, failed at resistance, and rolled over. After forming wedges they rolled over sharply midday, bounced around near the end of the day, tried to rally back in the last 10 minutes, but rolled over in the last 10 minutes, closing at the low for the day.
Good Trading!
Harry
It was a very nasty way to start the week.
Net on the day, the Dow was down 258.08 at 10,655.30, the S&P 500 down 32.19 at 1099.23, and the Nasdaq 100 down 54.14 at 2096.04.
Advance-declines were almost 10 to 1 negative with 291 up and nearly 2800 down on the New York Stock Exchange, and on Nasdaq they were about 10 to 1 negative with 239 up and 2383 down. Up/down volume on New York was about 30 to 1 negative, with 41 million up and 1.33 billion down, on total volume of 1.8 billion shares traded today. Nasdaq traded 2 billion shares, with 167 million up and 2.4 billion down, and had a 15 to 1 negative volume ratio.
TheTechTrader.com board was entirely negative except for the ultra-shorts, of course. We traded the ultra-shorts long, and VelocityShares Daily 2x VIX ST ETN (TVIX) hit our intermediate target, exploding to over 100 today, up 11.47 to 100.90, reaching as high as 101.34. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 8.32 to 61.29, Direxion Daily Financial Bear 3X Shares (FAZ) 8.83 to 74.80, Direxion Daily Large Cap Bear 3X Shares (BGZ) 4.39 to 50.67, and iPath S&P 500 VIX Short-Term Futures ETN (VXX) 3.47 to 56.84.
On the downside, Apple Inc. (AAPL) lost 6.72 to 374.60, Universal Display Corp. (PANL) 6.30 to 41.64, SodaStream International Ltd. (SODA) 3.93 to 29.12, VirnetX Holding Corp (VHC) 2.61 to 12.38, Molycorp, Inc. (MCP) 2.75 to 30.12, Goldman Sachs (GS) 4.47 to 90.08, InterDigital, Inc. (IDCC) 2.03 to 44.45, and First Solar, Inc. (FSLR) 5.31 to 57.90. Those were among the many stocks down today.
It was quite a negative day on Wall Street. Climactic at that. We got a negative 1607 tick at one point, but the day closed very negatively and we’re likely to open to the downside tomorrow.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, pulled back sharply, failed at resistance, and rolled over. After forming wedges they rolled over sharply midday, bounced around near the end of the day, tried to rally back in the last 10 minutes, but rolled over in the last 10 minutes, closing at the low for the day.
Good Trading!
Harry
Saturday, October 1, 2011
Ugly Close to the Week
The stock market indices closed the week with a thud at the lows for the day, the week, and almost for the month. The day started out with a gap down, taking the Nasdaq 100 to new lows, while the S&P 500 held its lows. That resulted in a 3-wave recovery rally that failed miserably by late morning. At that point they rolled over into a 5-wave sharp move into the close, taking the NDX from 2185 down to 2139. The S&P 500 dropped from 1154 down to 1132, closing at the session lows going away.
It was a pretty ugly day on Wall Street, to say the least.
Net on the day, the Dow was down 240.60 at 10,913.38, the S&P 500 down 28.98 at 1131.42, and the Nasdaq 100 down 58.50 at 2139.18.
Advance-declines were 4 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on Nasdaq. Up/down volume was a whopping 15 to 1 negative on New York, with total volume of 1.3 billion shares traded today. Nasdaq traded 2.1 billion shares and had a 9 to 1 negative volume ratio.
TheTechTrader.com board was mostly negative as one would imagine, but there was exciting movement in the ultra-shorts. We traded VelocityShares Daily 2x VIX ST ETN (TVIX) today, which jumped to my intermediate target, reaching 90 exactly today, closing at 89.43, up 11.25. The Direxion Daily Financial Bear 3X Shares (FAZ) was up 5.46 to 65.97, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 4.42 to 52.97, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 4.03 to 32.79, the Direxion Daily Large Cap Bear 3X Shares (BGZ) 3.13 to 46.28, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 3.51 to 53.37.
In addition, the ProShares UltraShort DJ-UBS Crude Oil (SCO) was up 5.64 to 65.25, and the ProShares UltraShort Silver (ZSL) jumped 1.12 to 17.11.
There were only a couple other gainers on our board today. They included Pandora Media, Inc. (P) up 1.37 to 14.65, and Spreadtrum Communications Inc. (SPRD) up 1.20 to 17.95.
On the downside, Apple Inc. (AAPL) was down 9.25 to 381.32, International Business Machines Corp. (IBM) down 4.30 to 174.87, Goldman Sachs (GS) 5.32 down to 94.55, LSB Industries Inc. (LXU) 2.59 to 38.67, Molycorp, Inc. (MCP) 1.19 to 32.87, SodaStream International Ltd. (SODA) 1.76 to 33.05, VirnetX Holding Corp (VHC) 1.21 to 14.99, InterDigital, Inc. (IDCC) 3.20 to 46.58, and First Solar, Inc. (FSLR) 1.82 to 63.21.
In addition, other losers of note included Amazon.com Inc. (AMZN) down 6.21 to 216.23, Chipotle Mexican Grill, Inc. (CMG) down 10.19, Lululemon Athletica Inc. (LULU) 3.22 to 48.69, Green Mountain Coffee Roasters Inc. (GMCR) 3.45 to 92.94, Coffee Holding Co.Inc. (JVA) 99 cents to 7.49, and Sina Corp. (SINA) 1.62 to 71.61.
A very bad day for the stock market for sure.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, rallied back in a 3-wave corrective move, and then rolled over in a 5-wave decline into the lows to close at the lows for the day and week on the Nasdaq 100. The S&P 500 closed right at, or slight above, the lows for the week.
It was certainly an ugly way to close the week.
Good Trading!
Harry
Thursday, September 29, 2011
Indices Close Ahead on Late Reversal Rally
The stock market indices had a topsy-turvy day and were down most of the session until the very sharp, late, snapback, short-covering rally brought them back from oblivion.
The morning started out with a big gap to the upside, and then reached 2260 on the Nasdaq 100 and 1175 on the S&P 500. They dropped very sharply, bounced, consolidated, and by midday they rolled over sharply again to take the NDX from 2260 down to 2160, a total of nearly 100 points in a 3-wave decline. The S&P 500 at that point dropped from 1175 down to 1140. In the last hour they came back from 2160 to 2197, almost 2200, on the NDX. That was a 40-point gain, and about a .382 Fibonacci retracement. The S&P 500 had about a 50% retracement going from 1140 to 1160.
Net on the day, the Dow, which had been under 11,000, was up 143.08 at 11,153.98. The S&P 500 was up 9.34 at 1160.40, but the Nasdaq 100 was down 23.16 at 2197.68, nearly 37 points off the low, and went down as low as 60 points at one point.
Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York. Nasdaq had a 5 to 3 positive volume ratio on advancing volume over declining volume, but the declining volume outnumbered the advancing volume today by 14 to 9. That’s about a 3 to 2 ratio. So, it was a mixed picture on Nasdaq, and a positive picture in the blue chips and the New York Stock Exchange.
TheTechTrader.com board was very mixed today, with more sharp losers than gainers. Netflix, Inc. (NFLX) was down 13.95 to 113.19, 5 1/2 points off its low as it had been down nearly as much as 19. Apple Inc. (AAPL) lost 6.44 to 390.57, 4 points off its low.
Chinese stocks got hit hard due to news of an investigation of accounting practices by Chinese firms. Youku.com (YOKU) lost 3.64 to 16.24.
Among other losing issues, Travelzoo Inc. (TZOO) dropped 1.38 to 22.30, SodaStream International Ltd. (SODA) 1.35 to 34.81, Universal Display Corp. (PANL) 2.00 to 48.66, MAKO Surgical Corp. (MAKO) 2.51 to 35.39, Molycorp, Inc. (MCP) 1.22 to 34.06, and InterDigital, Inc. (IDCC) 3.45 to 49.78l.
In addition, the ultra-shorts got hammered. VelocityShares Daily 2x VIX ST ETN (TVIX) was down 2.97 to 78.18, Direxion Daily Small Cap Bear 3X Shares (TZA) down 2.86 to 48.55, and Direxion Daily Financial Bear 3X Shares (FAZ) 4.84 to 60.51. All of those stocks were sharply off their lows.
On the upside, gainers of note included Thor Industries Inc. (THO) up 4.29 to 24.60, LG Display Co., Ltd. (LPL) up 93 cents to 8.65, and American Superconductor Corporation (AMSC) 58 cents to 4.46, 15%. Those were among some of the gainers on our board today.
Low-priced SIGA Technologies, Inc. (SIGA) was up 23 cents to 3.16, or 8%, on 1.8 million shares. Harbin Electric, Inc. (HRBN) gained 1.04 to 19.29. Tower Group Inc. (TWGP) advanced 1.05 to 23.26, and IDT Corporation (IDT) was up 1.26 to 21.05.
Stepping back and reviewing the hourly chart patterns, the indices had a very distinct, sharp gap up at the opening, followed by a strong 3-wave decline lasting most of the session until the last hour when the indices snapped back with a very sharp short-covering type rally.
That bounce came right off key support, especially on the Nasdaq 100, so we’ll see what kind of implications that has for the next several sessions.
Good Trading!
Harry
Tuesday, September 27, 2011
Stocks Finish Higher Despite Late Rollover
The stock market indices had another turn-around Tuesday as they experienced by a big gap up this morning in a 5-wave move that took them to new snapback-rally highs above 2290 Nasdaq 100 and above 1195 on the S&P 500. With about an hour and a half to go, the indices rolled over and came down hard, plunging through sever layers of support to new session lows. The NDX went from 2290 down to 2241, and the S&P 500 went from 1196 down to 1170. Only in the last five minutes did they snapback. The S&P 500 bounced about 5 points, and the NDX bounced about 12 or 13 points. Nevertheless, it was an up-day despite all of that.
Net on the day, the Dow was up 146.83, and at one point it was up as much as 330, closing at 11,190.69. Still a disappointing close. The S&P 500 was up 12.43 at 1175.38, 20 points off its high, and the Nasdaq 100 was up 19.27 at 2353.55, 37 points off its high.
Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of 1.175 billion shares traded today. Nasdaq traded over 2 billion shares and had a 4 to 1 positive volume ratio. However, the ratios were much higher midday.
TheTechTrader.com board was mostly higher, although the ultra-shorts got slaughtered. They did come way back off the lows. The Direxion Daily Small Cap Bear 3X Shares (TZA) was down 3.13 to 46.09, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 96 cents to 47.64, the VelocityShares Daily 2x VIX ST ETN (TVIX) 2.58 to 72.12, and the Direxion Daily Financial Bear 3X Shares (FAZ) 94 cents to 60.44, after being as low as 55.85 earlier in the day. The Direxion Daily Large Cap Bear 3X Shares (BGZ) dropped 1.46 to 41.41, and the ProShares UltraShort DJ-UBS Crude Oil (SCO) lost 3.96 to 58.41.
The Direxion Daily Small Cap Bull 3X Shares (TNA), which went from 38 to 41 and change, closed back at 39.10, up 2.41.
Gainers on our board today included Youku.com Inc (YOKU) up 1.38 to 20.27, Universal Display Corp. (PANL) up 1.44 to 53.08, Molycorp, Inc. (MCP) 3.30 to 37.86, MAKO Surgical Corp. (MAKO) 1.30 to38.43, InterDigital, Inc. (IDCC) 1.95 to 51.49, Flotek Industries Inc. (FTK) 1.24 to 5.87, Travelzoo Inc. (TZOO) 74 cents to 24.72, Maxwell Technologies Inc. (MXWL) 1.02 to 20.30, and Range Resources Corporation (RRC) 3.41 to 63.41.
Google Inc. (GOOG) was up 7.45 to 539.34, and International Business Machines Corp. (IBM) up 3.20 to 177.71.
On the downside, Coffee Holding Co. (JVA) was down 1.84 to 9.98, Netflix, Inc. (NFLX) down 4.75 to 127.49, Apple Inc. (AAPL) 3.91 to 399.26, and Amazon.com Inc. (AMZN) 5.64 to 224.21.
We’ll see how it goes tomorrow. This late sell off may have been significant. Today’s the Bradley Turn date. We’ll see if that means anything.
Good Trading!
Harry
Monday, September 26, 2011
Indices Explode Into Close
The stock market indices had a topsy-turvy day, but in the end exploded into the close, and closed at the highs for the day going away.
The day started out with a little pop to the upside, but then the indices came down hard. The Nasdaq 100 dropped from 2220 to 2170, a 50-point decline, and the S&P 500 fell from 1148 to 1131. They snapped back to retest the highs, making nominal new highs on the S&P 500, but failing to do so on the NDX, with the NDX repelled by key resistance around the 2220 level. They pulled back in the afternoon and took back about two-thirds of the rally, but then held and made higher lows, and proceeded to rally in a strong wave in the last two hours closing at the session highs going away.
Net on the day, the Dow closed over 11,000 at 11,043.86, up 272.38. The S&P 500 closed up 26.52 at 1162.95, and the Nasdaq 100 up 27.42 at 2234.28.
Advance-declines were 3 to 1 positive on the New York Stock Exchange, and a little less than 2 to 1 positive Nasdaq. Up/down volume, however, was about 8 1/2 to 1 positive on New York, with total volume of 1.5 billion shares traded today. Nasdaq traded 2 billion shares and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but the vast majority of the stocks had a good day. Some of the gainers were Goldman Sachs (GS) up 3.96 to 99.14, International Business Machines Corp. (IBM) up 5.17 to 174.51, and Netflix, Inc. (NFLX) 2.86 to 132.22.
In addition,Youku.com Inc (YOKU) was up 1.48 to 18.89, Silicon Motion Technology Corp. (SIMO) 1.49 to 13.43, MAKO Surgical Corp. (MAKO) 1.88 to 37.13, First Solar, Inc. (FSLR) 1.48 to 71.72, and Brigham Exploration Co. (BEXP) 1.22 to 26.32.
Other gainers of note on our board were low-priced MELA Sciences, Inc. (MELA), up 1.75 to 4.93, or 55%, on over 10 million shares traded today on FDA news. Zion Oil & Gas, Inc. (ZN) gained 72 cents to 2.39, or 43%, while Generac Holdings Inc. (GNRC), which we traded to day, was up 3.02 to 18.59. EnergySolutions, Inc (ES) rose 37 cents to 3.80, The Fresh Market, Inc. (TFM) 3.08 to 39.40, Cobalt International Energy, Inc. (CIE) 84 cents to 8.49, and American Eagle Outfitters, Inc. (AEO) 87 cents to 12.04.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) was up 1.97 to 36.69, and the Direxion Daily Financial Bull 3X Shares (FAS) up 1.14 to 11.67 with a nice percentage gain of 11%.
On the downside, the ultra-shorts got hammered with the VelocityShares Daily 2x VIX ST ETN (TVIX) down 5.44 to 74.70, the Direxion Daily Small Cap Bear 3X Shares (TZA) 2.91 to 49.22, Direxion Daily Financial Bear 3X Shares (FAZ) 7.74 to 61.38, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 3.25 to 42.97.
Stepping back and reviewing the hourly chart patterns, the indices were down early, up late morning, back down in early afternoon to retest, and then they exploded in the last couple hours with big gains for the day today.
It was a strong gain for the indices today, and a nice way to start the week.
Good Trading!
Harry
Friday, September 23, 2011
Positive Close to Turbulent Week
The stock market indices ended the week on a positive note, but opened lower in the morning. They bounced around, tested support, held, and then rallied sharply in the morning until just before noon when they pulled back to test again. On two occasions they held 2190 on the Nasdaq 100 and 1130 on the S&P 500, and then bounced to new highs for the day, just nominally so, but right up to a key overhead resistance zone that thwarted the advance. They backed off one more time to retest, and then they bounced into the close.
Net on the day, the Dow was up 37.65 at 10,771.48, the S&P 500 up 6.87 at 1136.43, and the Nasdaq 100 up 22.27 at 2206.86.
Advance-declines were nearly 2 to 1 positive on the New York Stock Exchange, and more than 2 to 1 positive Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 1.2 billion shares traded today. Nasdaq traded 2.2 billion shares and had a 5 to 1 positive volume ratio.
TheTechTrader.com board, was mostly higher with quite a few gainers. The ultra-shorts, both silver and gold, had a big day today. ProShares UltraShort Silver (ZSL) was up 4.32 to 19.34, reaching as high as 20.35. ProShares UltraShort Gold (GLL) jumped 1.96 to 18.97, reaching 19.27 at one point in the day. VelocityShares Daily 2x VIX ST ETN (TVIX), despite the fact that the market was up today, gained 1.44 to 80.14.
Other gainers of note included Aruba Networks, Inc. (ARUN) up 2.40 to 22.03, First Solar, Inc. (FSLR) 3.39 to 70.24, InterDigital, Inc. (IDCC) 2.34 to 57.81, SodaStream International Ltd. (SODA) 1.02 to 36.75, Youku.com Inc (YOKU) 3.10 to 17.41, and VirnetX Holding Corp (VHC) 1.21 to 18.40. Westport Innovations Inc. (WPRT) was up 1.71 to 30.19, Nike Inc. (NKE) 4.46 to 88.64, and Yahoo! Inc. (YHOO) 72 cents to 14.71.
In addition, Apple Inc. (AAPL) advanced 2.48 to 404.30, Goldman Sachs (GS) 1.20 to 95.18, Google Inc. (GOOG) 4.85 to 525.51, and Lululemon Athletica Inc. (LULU) 1.54 to 55.77.
On the downside, ultra-short ETF Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.91 to 52.13, and the Direxion Daily Financial Bear 3X Shares (FAZ) fell 2.22 to 69.12.
MAKO Surgical Corp. (MAKO) was down 1.17 to 35.25, and Coffee Holding Co.Inc. (JVA) dropped 24 cents to 12.16.
Stepping back and reviewing the hourly chart patterns, the indices backed and filled in the morning, rallied mid-morning, backed off in the early afternoon, came onto new session highs, backed off, but once again they came on in the last half hour to close up on the day.
Let’s see how it goes next week.
Good Trading!
Harry
Net on the day, the Dow was up 37.65 at 10,771.48, the S&P 500 up 6.87 at 1136.43, and the Nasdaq 100 up 22.27 at 2206.86.
Advance-declines were nearly 2 to 1 positive on the New York Stock Exchange, and more than 2 to 1 positive Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 1.2 billion shares traded today. Nasdaq traded 2.2 billion shares and had a 5 to 1 positive volume ratio.
TheTechTrader.com board, was mostly higher with quite a few gainers. The ultra-shorts, both silver and gold, had a big day today. ProShares UltraShort Silver (ZSL) was up 4.32 to 19.34, reaching as high as 20.35. ProShares UltraShort Gold (GLL) jumped 1.96 to 18.97, reaching 19.27 at one point in the day. VelocityShares Daily 2x VIX ST ETN (TVIX), despite the fact that the market was up today, gained 1.44 to 80.14.
Other gainers of note included Aruba Networks, Inc. (ARUN) up 2.40 to 22.03, First Solar, Inc. (FSLR) 3.39 to 70.24, InterDigital, Inc. (IDCC) 2.34 to 57.81, SodaStream International Ltd. (SODA) 1.02 to 36.75, Youku.com Inc (YOKU) 3.10 to 17.41, and VirnetX Holding Corp (VHC) 1.21 to 18.40. Westport Innovations Inc. (WPRT) was up 1.71 to 30.19, Nike Inc. (NKE) 4.46 to 88.64, and Yahoo! Inc. (YHOO) 72 cents to 14.71.
In addition, Apple Inc. (AAPL) advanced 2.48 to 404.30, Goldman Sachs (GS) 1.20 to 95.18, Google Inc. (GOOG) 4.85 to 525.51, and Lululemon Athletica Inc. (LULU) 1.54 to 55.77.
On the downside, ultra-short ETF Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.91 to 52.13, and the Direxion Daily Financial Bear 3X Shares (FAZ) fell 2.22 to 69.12.
MAKO Surgical Corp. (MAKO) was down 1.17 to 35.25, and Coffee Holding Co.Inc. (JVA) dropped 24 cents to 12.16.
Stepping back and reviewing the hourly chart patterns, the indices backed and filled in the morning, rallied mid-morning, backed off in the early afternoon, came onto new session highs, backed off, but once again they came on in the last half hour to close up on the day.
Let’s see how it goes next week.
Good Trading!
Harry
Thursday, September 22, 2011
Traumatic Sell-Off!
The stock market suffered a traumatic sharp sell-off today as markets across the world went steeply lower, taking the futures with it. The day started out with the indices having a big down gap, an attempt at a brief rally, and then plunging to morning lows. At this point they had a snapback going from 2181 up to 2200 on the Nasdaq 100, and from 1128 up to the 1142-43 area on the S&P 500. They then stair-stepped their way lower to retest the lows, making lower lows on the S&P 500, but not confirming on the NDX.
They retraced about 50% of the pullback losses, but only to rollover midday to create a very sharp sell-off to take out the low on both indices. It was a short-covering rally in mid-afternoon that then resulted in a sharp rollover to reach 2151 NDX, and 1114 on the S&P 500. At that point, the Nasdaq 100 was down about 105 points, the Dow down about 520, and the S&P 500 down more than 50 points. In the last 40 minutes they exploded back up on short covering.
Net on the day, the Dow was down 391.01 at 10,733.83, which was 136 off the low. The S&P 500 down 37.20 at 1129.56, about 15 points off its low. The Nasdaq 100 down 73.71 at 2184.59, 33 points off its low.
Advance-declines were nearly 9 to 1 negative on the New York Stock Exchange, and about 7 to 1 negative Nasdaq. Up/down volume was more than 20 to 1 negative on New York, with total volume of 1.7 billion shares traded today. Nasdaq traded a heavy 2.83 billion shares and had an almost 13 to 1 negative ratio on declining volume over advancing volume.
TheTechTrader.com board had mostly losers. On the downside, the major losers on our board included Apple Inc. (AAPL), down 10.32 to 401.82, along with First Solar, Inc. (FSLR), which dropped 6.67 to 66.85. International Business Machines Corp. (IBM) lost 4.40 to 168.62, Brigham Exploration Co. (BEXP) 2.60 to 25.71, and Golar LNG Ltd. (GLNG) 2.73 to 31.98.
In addition, Goldman Sachs (GS) gave back 3.88 to 93.98, and traded as low as 91.40 earlier in the day. InterDigital, Inc. (IDCC) fell 2.89 to 55.47, MAKO Surgical Corp. (MAKO) 2.41 to 36.42, MICROS Systems, Inc. (MCRS) 2.35 to 44.45, Universal Display Corp. (PANL) 2.26 to 50.75, and Youku.com Inc (YOKU) 1.90 to 14.31. That’s down from 70 in April.
On the upside, the ultra-short ETFs had another stellar day today. The VelocityShares Daily 2x VIX ST ETN (TVIX) ran right up to 83, or up about 18 points, but closed at 78.70, up 13.20 for the day. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) was up 4.63 to 49.84, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 4.19 to 54.04, the Direxion Daily Financial Bear 3X Shares (FAZ) 5.74 to 71.34, the Direxion Daily Large Cap Bear 3X Shares (BGZ) up 4.10 to 46.99, and ProShares UltraShort Silver (ZSL) 2.44 to 15.02.
Stepping back and reviewing the hourly chart patterns, the indices gapped sharply lower and stair-stepped their way down until late in the afternoon when short covering near support created a bounce back. But still there were very big losses on the indices today, although twice the tick got to negative1400, or more, and that may have caused the late short covering and snapback, not to mention oversold conditions.
Let’s see how it goes tomorrow.
Good Trading!
Harry
They retraced about 50% of the pullback losses, but only to rollover midday to create a very sharp sell-off to take out the low on both indices. It was a short-covering rally in mid-afternoon that then resulted in a sharp rollover to reach 2151 NDX, and 1114 on the S&P 500. At that point, the Nasdaq 100 was down about 105 points, the Dow down about 520, and the S&P 500 down more than 50 points. In the last 40 minutes they exploded back up on short covering.
Net on the day, the Dow was down 391.01 at 10,733.83, which was 136 off the low. The S&P 500 down 37.20 at 1129.56, about 15 points off its low. The Nasdaq 100 down 73.71 at 2184.59, 33 points off its low.
Advance-declines were nearly 9 to 1 negative on the New York Stock Exchange, and about 7 to 1 negative Nasdaq. Up/down volume was more than 20 to 1 negative on New York, with total volume of 1.7 billion shares traded today. Nasdaq traded a heavy 2.83 billion shares and had an almost 13 to 1 negative ratio on declining volume over advancing volume.
TheTechTrader.com board had mostly losers. On the downside, the major losers on our board included Apple Inc. (AAPL), down 10.32 to 401.82, along with First Solar, Inc. (FSLR), which dropped 6.67 to 66.85. International Business Machines Corp. (IBM) lost 4.40 to 168.62, Brigham Exploration Co. (BEXP) 2.60 to 25.71, and Golar LNG Ltd. (GLNG) 2.73 to 31.98.
In addition, Goldman Sachs (GS) gave back 3.88 to 93.98, and traded as low as 91.40 earlier in the day. InterDigital, Inc. (IDCC) fell 2.89 to 55.47, MAKO Surgical Corp. (MAKO) 2.41 to 36.42, MICROS Systems, Inc. (MCRS) 2.35 to 44.45, Universal Display Corp. (PANL) 2.26 to 50.75, and Youku.com Inc (YOKU) 1.90 to 14.31. That’s down from 70 in April.
On the upside, the ultra-short ETFs had another stellar day today. The VelocityShares Daily 2x VIX ST ETN (TVIX) ran right up to 83, or up about 18 points, but closed at 78.70, up 13.20 for the day. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) was up 4.63 to 49.84, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 4.19 to 54.04, the Direxion Daily Financial Bear 3X Shares (FAZ) 5.74 to 71.34, the Direxion Daily Large Cap Bear 3X Shares (BGZ) up 4.10 to 46.99, and ProShares UltraShort Silver (ZSL) 2.44 to 15.02.
Stepping back and reviewing the hourly chart patterns, the indices gapped sharply lower and stair-stepped their way down until late in the afternoon when short covering near support created a bounce back. But still there were very big losses on the indices today, although twice the tick got to negative1400, or more, and that may have caused the late short covering and snapback, not to mention oversold conditions.
Let’s see how it goes tomorrow.
Good Trading!
Harry
Tuesday, September 20, 2011
Sharp Afternoon Rollover Produces Another Turnaround Tuesday
The stock market had another turnaround Tuesday late in the afternoon. The day began with another sharp rally, but the S&P 500 could not confirm the new Nasdaq 100 highs, failing four times today just short of 1220. At the end of the day in the last hour to hour and a half, they rolled over hard, dropping from 1220 down to 1202, closing near the session lows on the S&P 500.
Net on the day, the Dow was up just 7.65 at 11,408.66, 142 points off its high. The S&P 500 was down 2.00 at 1202.09, 18 points off its high. The Nasdaq 100 was down 12.87 at 2295.89, 42 points off its high. A lot of Nasdaq 100 stocks rolled over hard in the last hour.
Perhaps today represented a top. In any case, we were not surprised with today's action, as we noticed negative divergences on the S&P 500 as it lacked follow-through to confirm the NDX.
TheTechTrader.com board was mixed. Standouts on our board today included Transcept Pharmaceuticals, Inc. (TSPT), which we highlighted earlier, up 1.38 to 7.01, or 24 1/2%, on 3.3 million shares. Atrinsic, Inc. (ATRN) rose 89 cents to 3.14, or 40%, on 1.7 million shares, and Kona Grill Inc. (KONA) was up 1.20 to 6.46, or 23%, on 919,000 shares. Gulf Resources, Inc. (GURE) gained 36 cents to 2.95, 14%, on 2.6 million shares.
In addition, Jazz Pharmaceuticals, Inc. (JAZZ) jumped 3.06 to 46.80, up 7% on news of a merger, and Golar LNG Ltd. (GLNG) was up 1.79 to 35.53.
Also, Apple Inc. (AAPL) was up 1.82 to 413.45, but closed 9 points off its high, and International Business Machines Corp. (IBM) gained 1.59 to 174.72.
On the downside, there were quite a few losers. Netflix, Inc. (NFLX), which got slammed really hard again, was down 13.72 to 130.03. That’s down from 300 just six or seven weeks ago. Travelzoo Inc. (TZOO) dropped 4.34 to 28.20, Molycorp, Inc. (MCP) got hammered for 11.56 to 41.45, InterDigital, Inc. (IDCC) fell 3.74 to 59.40, and First Solar, Inc. (FSLR), one of our Boxer Shorts, was down 4.70 to 79.21.
For the most part our board was very red today, quite negative! It’s sure looks like a turnaround day for the markets, but we’ll see.
Good Trading!
Harry
Net on the day, the Dow was up just 7.65 at 11,408.66, 142 points off its high. The S&P 500 was down 2.00 at 1202.09, 18 points off its high. The Nasdaq 100 was down 12.87 at 2295.89, 42 points off its high. A lot of Nasdaq 100 stocks rolled over hard in the last hour.
Perhaps today represented a top. In any case, we were not surprised with today's action, as we noticed negative divergences on the S&P 500 as it lacked follow-through to confirm the NDX.
TheTechTrader.com board was mixed. Standouts on our board today included Transcept Pharmaceuticals, Inc. (TSPT), which we highlighted earlier, up 1.38 to 7.01, or 24 1/2%, on 3.3 million shares. Atrinsic, Inc. (ATRN) rose 89 cents to 3.14, or 40%, on 1.7 million shares, and Kona Grill Inc. (KONA) was up 1.20 to 6.46, or 23%, on 919,000 shares. Gulf Resources, Inc. (GURE) gained 36 cents to 2.95, 14%, on 2.6 million shares.
In addition, Jazz Pharmaceuticals, Inc. (JAZZ) jumped 3.06 to 46.80, up 7% on news of a merger, and Golar LNG Ltd. (GLNG) was up 1.79 to 35.53.
Also, Apple Inc. (AAPL) was up 1.82 to 413.45, but closed 9 points off its high, and International Business Machines Corp. (IBM) gained 1.59 to 174.72.
On the downside, there were quite a few losers. Netflix, Inc. (NFLX), which got slammed really hard again, was down 13.72 to 130.03. That’s down from 300 just six or seven weeks ago. Travelzoo Inc. (TZOO) dropped 4.34 to 28.20, Molycorp, Inc. (MCP) got hammered for 11.56 to 41.45, InterDigital, Inc. (IDCC) fell 3.74 to 59.40, and First Solar, Inc. (FSLR), one of our Boxer Shorts, was down 4.70 to 79.21.
For the most part our board was very red today, quite negative! It’s sure looks like a turnaround day for the markets, but we’ll see.
Good Trading!
Harry
Monday, September 19, 2011
Indices Rally Off Lows to Close Mixed
The stock market indices ended mixed today, but it was an ugly session from the get-go. The indices gapped sharply lower, and then dropped suddenly thereafter to reach down to 2260 on the Nasdaq 100 and around 1188 on the S&P 500. They bounced sharply on the NDX to fill the gap, but the S&P 500 did not fare anywhere near as well, recovering only about a third of the way. They then backed off to retest in about a 50 percent retracement of the rally on the NDX and nearly the entire rally on the S&P 500. Then they came back up in the afternoon, exploding late in the session to reach 2320 NDX and 1210 S&P 500, but pulled back in the last 20-30 minutes to prevent the indices from going positive on the Dow and S&P 500.
Net on the day, the Dow was down 108.08 at 11,401.01, 150 points off the low. The S&P 500 was down 11.92 at 1204.09, about 15 points off its low. The Nasdaq 100 was up 2.67 at 2308.76, about 48 points off its low.
The technicals, however, were very negative today. Advance-declines were 3 1/2 to 1 negative on the New York Stock Exchange, and nearly 4 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, with total volume of 900 million shares traded today. Nasdaq traded almost 2.9 billion shares, but had a 3 1/2 to 1 negative volume ratio.
It was a very negative day at the end despite the improvement in the indices.
TheTechTrader.com board was mixed with both sharp gainers and losers on our board. Leading the way today on the upside was Apple Inc. (AAPL), up 11.13 to 411.63, closing a point off the high today, which was an all-time new high.
In addition, Universal Display Corp. (PANL) was up 2.76 to 58.36, MAKO Surgical Corp. (MAKO) up 4.21 to 40.48, Pharmasset, Inc. (VRUS) 2.27 to 78.58, and Wright Medical Group Inc. (WMGI) 1.37 to 17.40.
The ultra-short ETFs had a good day today with the Direxion Daily Financial Bear 3X Shares (FAZ) up 3.94 to 57.33, and the VelocityShares Daily 2x VIX ST ETN (TVIX) 3.54 to 59.05, although that was 3 1/2 points off the high. The Direxion Daily Small Cap Bear 3X Shares (TZA) gained 2.13 to 42.77, with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 2.10 to 25.13 and the Direxion Daily Large Cap Bear 3X Shares (BGZ) ahead by 1.08 to 38.99.
Other gainers of note included Sequans Communications S.A. Ame (SQNS), up 71 cents to 7.37, or nearly 11%. Optimer Pharmaceuticals, Inc. (OPTR) rose 1.62 to 15.66, or 11 1/2%, Regeneron Pharmaceuticals, Inc. (REGN) 4.72 to 64.92, and Stamps.com Inc. (STMP) 1.38 to 23.78, after trading over 25 today. IPG Photonics Corporation (IPGP) advanced 3.26 to 62.90, and Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) 2.40 to 72.86.
On the downside, Netflix, Inc. (NFLX) was a big loser as it continues to drop, down 11.44 to 143.75.
Other losses of note included First Solar, Inc. (FSLR) down 1.79 to 83.91, Brigham Exploration Co. (BEXP) 1.13 to 29.44, and Youku.com Inc (YOKU) 1.09 to 18.99.
Several of the loss leaders on our board today included some of the Boxer Shorts, with Royal Caribbean Cruises Ltd. (RCL) down 95 cents to 24.27, IPC The Hospitalist Company, Inc. (IPCM) 1.39 to 39.79, Freeport-McMoRan Copper & Gold Inc. (FCX) 1.37 to 40.22, and Domtar Corporation (UFS) 2.73 to 80.47.
Also, the Direxion Daily Small Cap Bull 3X Shares (TNA) dropped 2.34 to 43.58, and Direxion Daily Financial Bull 3X Shares (FAS) was down 1.02 to 13.06.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply, had a big down gap at the opening, went a bit lower, and then rallied back, consolidated midday, and came on again in the afternoon to break out to new highs for the NDX, but failed to confirm on the S&P 500.
That may be setting up a negative divergence. We’ll see soon enough.
Good Trading!
Harry
Net on the day, the Dow was down 108.08 at 11,401.01, 150 points off the low. The S&P 500 was down 11.92 at 1204.09, about 15 points off its low. The Nasdaq 100 was up 2.67 at 2308.76, about 48 points off its low.
The technicals, however, were very negative today. Advance-declines were 3 1/2 to 1 negative on the New York Stock Exchange, and nearly 4 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, with total volume of 900 million shares traded today. Nasdaq traded almost 2.9 billion shares, but had a 3 1/2 to 1 negative volume ratio.
It was a very negative day at the end despite the improvement in the indices.
TheTechTrader.com board was mixed with both sharp gainers and losers on our board. Leading the way today on the upside was Apple Inc. (AAPL), up 11.13 to 411.63, closing a point off the high today, which was an all-time new high.
In addition, Universal Display Corp. (PANL) was up 2.76 to 58.36, MAKO Surgical Corp. (MAKO) up 4.21 to 40.48, Pharmasset, Inc. (VRUS) 2.27 to 78.58, and Wright Medical Group Inc. (WMGI) 1.37 to 17.40.
The ultra-short ETFs had a good day today with the Direxion Daily Financial Bear 3X Shares (FAZ) up 3.94 to 57.33, and the VelocityShares Daily 2x VIX ST ETN (TVIX) 3.54 to 59.05, although that was 3 1/2 points off the high. The Direxion Daily Small Cap Bear 3X Shares (TZA) gained 2.13 to 42.77, with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 2.10 to 25.13 and the Direxion Daily Large Cap Bear 3X Shares (BGZ) ahead by 1.08 to 38.99.
Other gainers of note included Sequans Communications S.A. Ame (SQNS), up 71 cents to 7.37, or nearly 11%. Optimer Pharmaceuticals, Inc. (OPTR) rose 1.62 to 15.66, or 11 1/2%, Regeneron Pharmaceuticals, Inc. (REGN) 4.72 to 64.92, and Stamps.com Inc. (STMP) 1.38 to 23.78, after trading over 25 today. IPG Photonics Corporation (IPGP) advanced 3.26 to 62.90, and Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) 2.40 to 72.86.
On the downside, Netflix, Inc. (NFLX) was a big loser as it continues to drop, down 11.44 to 143.75.
Other losses of note included First Solar, Inc. (FSLR) down 1.79 to 83.91, Brigham Exploration Co. (BEXP) 1.13 to 29.44, and Youku.com Inc (YOKU) 1.09 to 18.99.
Several of the loss leaders on our board today included some of the Boxer Shorts, with Royal Caribbean Cruises Ltd. (RCL) down 95 cents to 24.27, IPC The Hospitalist Company, Inc. (IPCM) 1.39 to 39.79, Freeport-McMoRan Copper & Gold Inc. (FCX) 1.37 to 40.22, and Domtar Corporation (UFS) 2.73 to 80.47.
Also, the Direxion Daily Small Cap Bull 3X Shares (TNA) dropped 2.34 to 43.58, and Direxion Daily Financial Bull 3X Shares (FAS) was down 1.02 to 13.06.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply, had a big down gap at the opening, went a bit lower, and then rallied back, consolidated midday, and came on again in the afternoon to break out to new highs for the NDX, but failed to confirm on the S&P 500.
That may be setting up a negative divergence. We’ll see soon enough.
Good Trading!
Harry
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