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Solidly in the Green
By: Harry's Hotline by Harry Boxer
Posted on October 04, 2012 at 18:32 PM EDT
The stock market indices had an interesting session today, but closed solidly higher. The day started out with a move slightly to the upside, and then the indices backed and filled for the first half hour or so. They then exploded to new highs on a snapback rally on the Nasdaq 100 as well as the S&P 500. The NDX reached 2832 and the S&P 500 reached 1463. They backed off just as sharply with a retracement, taking back a big chunk on the NDX, and about 50% of the move on the S&P 500. They moved into a back-and-fill coiling-type session with declining tops and bottom. In the afternoon, they broke out on the NDX and spike back up to 2835 and change, but they could not make new highs on the S&P 500. When that occurred, they rolled over into the close. In the last 5 minutes, they snapped back just a little bit to close solidly in the green. Net on the day, the Dow was up 80.75 at 13,575.36. The S&P 500 was up 10.41 at 1461.40. The Nasdaq 100 was up 9.76 at 2828.60. Advance-declines were 22 to 8 positive on New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was a little less than 4 1/2 to 1 positive on New York, with total volume of 660 million shares. Nasdaq traded over 1.6 billion, and almost 2 to 1 positive volume ratio. TheTechTrader.com board was mostly up. It was a solid day on Nasdaq 100, despite Apple Inc. (AAPL) being down 4.65 to 666.80. That was just a point off the low, and 8 points off the high. So it was a very negative day for Apple. However, Google Inc. (GOOG) was up 5.55 to 768.05, Netflix, Inc. (NFLX) up 4.09 to 66.67, and Amazon Inc. (AMZN) up 4.55 to 260.47. So you can see, we managed to keep the NDX in the positive column today. In addition, point-plus gainers included Goldman Sachs (GS), up 1.99 to 119.90, and SolarWinds, Inc. (SWI), one of our swing trades, up 1.30 to 57.28. There were a lot of percentage gainers on our board today. Leading the way today, CollabRx, Inc. (CLRX) exploded 1.44 to 5.23, or 38%, on 2.1 million shares, and at one point, it was up as high as 7.49. Vringo, Inc. (VRNG) had a big day today, shooting up another 95 cents to 5.25, or 22%, on 35 million shares. Junior solar stocks were active today. JinkoSolar Holding Co., Ltd. (JKS) was up 58 cents to 4.31, or 15 1/2%. Trina Solar Limited (TSL) gained 29 cents to 4.80, or 6 1/2%, on 1.4 million shares. They were among many others in their sector that did well today. Genco Shipping & Trading Ltd. (GNK) jumped 56 cents to 4.08, or 16%, on 1.3 million shares, and closed near the high for the day. The junior biotech group included ACADIA Pharmaceuticals Inc. (ACAD), up 28 cents to 2.76, or 11%, on 3.1 million shares. Cyclacel Pharmaceuticals, Inc. (CYCC) rose 52 cents to 5.41, or 10.6%, and Sinovac Biotech Ltd. (SVA) 27 cents to 3.29, or 9%. Mitek Systems Inc. (MITK) was up 24 cents to 3.36, or nearly 8%, on 1 million shares. BroadVision, Inc. (BVSN) gained 72 cents to 9.66, or 8%. Goldminers were strong today. Direxion Daily Gold Miners Bull 3X Shrs (NUGT) snapped back 1.37 to 18.16 Ixia (XXIA) jumped 1.06 to 17.17, and Impac Mortgage Holdings Inc. (IMH) was up 1.05 to 10.75 on light volume today. Stepping back and reviewing the hourly chart patterns, the indices spiked up in the morning, backed and filled in a kind of coil, spiked up again in the afternoon, which reached new highs on the NDX, but failed to be confirmed by the S&P 500, and then they backed off into the close. Nevertheless, they closed with positive gains for today near key overhead resistance. We’ll see what kind of follow-through, if any, we get. Let’s see how it goes tomorrow. Good Trading! Harry
Read More >>
Related Stocks:
Goldman Sachs Group, Inc. IMPAC Mortgage Holdings, Inc. Ixia NetFlix, Inc. SolarWinds
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