Harry Boxer
The Technical Trader
The stock market indices had an up-day, with a big gap to the upside, and then they moved sideways on the S&P 500 and down in a falling wedge on the Nasdaq 100. Just before the noon hour they started to firm up, and in the afternoon they ran back up to test the highs, failed, backed off, held, and then tested the highs again, but couldn't get through. The S&P 500 made nominal new highs, the NDX failing to confirm, and they pulled back in the last 10 minutes.
Still, net on the day, the Dow was up 55.91 at 14,511.73. The S&P 500 was up 10.37 at 1558.71. The Nasdaq 100 was up 18.64 at 2805.91.
Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 17 to 7 positive on Nasdaq. Up/down volume was better than 3 1/2 to 1 positive on New York, with total volume of 652 million shares. Nasdaq traded nearly 1.58 billion and had a 4 to 1 positive volume ratio.
TheTechTrader.com board was mixed but there were many gainers today. Google Inc. (GOOG) was up 3.39 to 814.71, Priceline Inc. (PCLN) up 3.43 to 687.58, Goldman Sachs Inc. (GS) 1.29 to 150.13, International Business Machines Corporation (IBM) 1.62 to 215.06, and Netflix Inc. (NFLX) 1.68 to 183.05.
Uni-Pixel, Inc. (UNXL) was up 2.32 to 30.52, Cobalt International Energy, Inc. (CIE) up 2.08 to 27.87, on positive drilling results, and Pharmacyclics Inc. (PCYC) 1.35 to 87.97 rounded out our point plus gainers.
The Direxion Daily Financial Bull 3X Shares (FAS) popped 3.15 to 165.29, and the Direxion Daily Small Cap Bull 3X Shares (TNA) bounced 2.46 to 89.52.
The leader board was very strong today. Affymax, Inc. (AFFY) was up 21 cents to 1.26, or 20%, on 23.5 million shares.
Solar energy stocks were strong across the board, but some of the low-priced ones had some nice percent gains. First Solar, Inc. (FSLR) jumped 1.65 to 29.49.
Williams-Sonoma Inc. (WSM) was up 4.64 to 49.85, Manitex International, Inc. (MNTX) up 1.04 to 11.70, AAR Corp. (AIR) up 1.56 to 19.54, Spreadtrum Communications Inc. (SPRD) 1.43 to 19.70, YY Inc. (YY) 1.26 to 16.93, Francesca's Holdings Corporation (FRAN) 1.93 to 28.91, and On Assignment Inc. (ASGN) 1.67 to 25.66.
BioFuel Energy Corp. (BIOF) popped 51 cents to 6.03, and BlackBerry (BBRY) climbed 97 cents to 16.00, but traded as high as 16.44.
On the downside, Apple Inc. (AAPL) was down 2.41 to 452.08, and Onyx Pharmaceuticals, Inc. (ONXX) lost 1.50 to 84.66.
Stepping back and reviewing the hourly chart patterns, the indices gapped up, pullback down by midday, rallied back up to retest the highs on a couple occasions, but couldn't get through, and backed off.
Still, it was an up-day, indeed, and a nice follow-through to yesterday's ugly session.
Good trading!
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