日本語
Español
中文
Русский 
- New York 00:45
- London 05:45
- Barcelona 06:45
- Tokyo 14:45
- Sydney 16:45
Technical Trader Closing Brief
0
0
Nasdaq Refuses to Cooperate with Rallying Blue Chips
Fri, Aug 22 2008, 06:02 GMT
by Harry Boxer
The markets were mixed at the close on Thursday. After a brief rally in the morning, they went to lower lows on the Nasdaq 100, in fact the lows for the entire 5 day pullback. The S&P 500 refused to fold and did not take out its lows, and then they turned it around late morning, extended the move into early afternoon, and with about an hour to go the indices were at their highs for the day. The S&P 500 actually broke out across price resistance but encountered declining moving average resistance on its hourly chart. In the last hour they backed and filled ,then pulled back in the last 10 minutes or so to take them off the afternoon highs, and close mixed on the session.
Net on the day the Dow was up just 12.78 and the S&P 500 3.18, but the Nasdaq 100 was down 6.28, and the Philadelphia Semiconductor Index (SOXX) was off 1.22.
So, a mixed result at the close.
The technicals reflected that, as there were about 400 more decliners than advancers on New York and nearly 700 more decliners on on Nasdaq. Up/down volume, however, had a slight edge to the plus side on New York on total volume of under 900 million shares, the lightest volume I believe all year. Nasdaq traded about 1.6 billion and had a negative ratio of about 2 to 1 of declining over advancing volume.
TheTechTrader.com board was narrowly mixed, with very few point-plus gainers or losers. On the plus side, the US Oil Trust (USO) was up to 98.15, up 4.15 today, on the huge spike in oil.
The point-plus losers on our board were the DUG, the short oil & gas ETF, which lost 1.43 to 33.44, and portfolio position A-Power Energy (APWR), which gave back 1.13.
Among the fractional gainers, Aerovironment (AVAV) reached a new all-time high, tagging as high as 34.61, closing at 33.89, up 94 cents, Focus Media (FMCN) at 30.58 was up 78 cents. Fannie Mae (FME) had a very strong snapback after plunging to new 19 year lows this morning, reaching 3.53 in the morning and trading as high as 5.01 late in the session, to close at 4.85, up 45 cents on more than 185 million.
That may be a major selling climax and reversal.
Airlines were affected by the rise in oil today, with UAUA down 1.06 to 11.33, on 75 million shares.
Stepping back and reviewing the hourly chart patterns the indices were down in the morning, up in the afternoon, but backed off to close mixed on the session, below resistance on the Nasdaq 100 and above short-term resistance on the S&P 500. We'll have to see if more important overhead resistance at the 1920-25 zone on the Nasdaq 100 and the 1280-85 zone on the S&P 500 can be overcome.
The S&P 500 did its part today but the Nasdaq 100 refused to cooperate, and they closed mixed on the day.
TheTechTrader.com is closed tomorrow, and we'll talk to you again on Monday.
Published on Fri, Aug 22 2008, 06:03 GMT
Archive
- Indices Rally From Early Losses to Close Nearly Flat
Published On Thu, Nov 19 2009, 06:27 GMT - Successful Day for the Bulls
Published On Wed, Nov 18 2009, 06:01 GMT - Sharp Rally Starts the Week
Published On Tue, Nov 17 2009, 05:53 GMT - Reversal Session?
Published On Fri, Nov 13 2009, 06:06 GMT - Support Holds as Indices Eek Out More Gains
Published On Thu, Nov 12 2009, 06:11 GMT
AdviceTrade, Inc.
| 3007 Washington Blvd., Suite 220-C, Marina del Rey, CA 90292
http://www.thetechtrader.com/ | info@thetechtrader.com
Legal disclaimer and risk disclosure
In using any portion of The Technical Trader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. The Technical Trader (www.thetechtrader.com) is published by Century-Pacific Investments and AdviceTrade, Inc., both of which are publishers. The Web site is maintained by Codexia, LLC. None of these firms, nor Mr. Boxer, is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Each trade mentioned in the diary and other sections of The Technical Trader is hypothetical and is not an actual trade. Mr. Boxer and employees of Century-Pacific, AdviceTrade and Codexia are not allowed to have personal positions in stocks mentioned in the diary and other sections of The Technical Trader. This policy, first announced to subscribers on June 2, 2004, gave Mr. Boxer a deadline that was extended to July 30, 2004 for liquidating any existing personal holdings in stocks mentioned on the site. Our holdings page, in which Mr. Boxer listed his personal positions in stocks mentioned on the site, was removed at that time. The publishers are not permitted to have any financial relationship with companies mentioned on the site. Mr. Boxer may recommend trades of stocks mentioned in the Diary as a consultant to hedge funds, but has agreed not to make such recommendations until after the stock has been posted on The Technical Trader Web site. Mr. Boxer's commentaries, trading ideas and model trades represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Neither we nor Mr. Boxer claim to have any non-public information regarding the companies mentioned in this site. The trade prices that appear on this Web site are based on the average of the real-time bid and real-time ask prices provided by Money.net, except when entered manually by Mr. Boxer should Money.net's feed be temporarily down. There may be a delay between the price as it appears in the diary and the current price that you see from your terminal due to delays in Internet connectivity, quote delays, refresh intervals in the case of the Web-based diary page, data entry errors, and market conditions, and also due to times when Mr. Boxer is not available to make the trade at the moment a previously stated target has been met. Entries may at times be in error due to system or data-entry errors. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.