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Solid Day Technically
Posted on March 07, 2012 at 20:45 PM EST
The stock market indices had an up day today. The day started off with a gap up and early consolidations. When they held, the rally began, and rallied into midday where they reached their session highs on the Nasdaq 100. In the afternoon, the NDX pulled down as Apple Inc. (AAPL) backed off after the iPad introduction in a 5-wave corrective move until late in the afternoon. They tested the session lows, actually. The S&P 500 held up much better, and at one point late in the day made more new highs, while the NDX did not. That caused a late pullback. Net on the day, the Dow was up 78.18 at 12,837.33, about 20 points off its high, the S&P 500 up 9.27 to 1352.63, just 2 points off its high, and the Nasdaq 100 up 18.90 at 2607.85, about 9 points off its high. So, it was a pretty good day on Wall Street. Advance-declines were nearly 4 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 742 million shares traded today. Nasdaq traded about 1.6 billion shares and had a 4 to 1 positive volume ratio. It was a solid day technically for the indices. TheTechTrader.com board was mostly higher. Leading the way today was The Bon-Ton Stores, Inc. (BONT), up 1.73 to 6.98, or 33%, on 2.6 million shares. We put that out as an early pick today, and it did well for our traders. Spherix Inc. (SPEX) jumped 18 cents to 1.00, or 21 3/4%, on 3.8 million shares. Global Cash Access Holdings (GCA) was up 68 cents to 6.04, or 12%, on 4.48 million shares, and Agenus Inc. (AGEN) 73 cents to 4.49, or 19.4%, on over 1 million shares. Other gainers of note included Analogic Corporation (ALOG) up 4.84 to 59.43, ChipMOS Technologies (IMOS) 1.02 to 12.40, Sina Corp. (SINA) 4.80 to 72.60, U.S. Home Systems, Inc. (USHS) 1.02 to 11.35, and Iridium Communications Inc (IRDM) 57 cents to 8.76. In addition, VirnetX Holding Corp (VHC) jumped 2.53 to 22.80, Spreadtrum Communications, Inc. (SPRD) 98 cents to 14.89, InvenSense, Inc. (INVN) 1.54 to 16.60, ABIOMED, Inc. (ABMD) 1.23 to 20.77, and Valero Energy Corp. (VLO) 1.83 to 27.01. American Eagle Outfitters, Inc. (AEO) advanced 91 cents to 15.54. Universal Display Corp. (PANL) was up 1.04 to 37.80. Goldman Sachs (GS) took back 2.73 to 116.40. Apple Inc. (AAPL) was up 43 cents to 530.69. It was 7 points lower at one point and 7 points higher at one point. So it closed at mid-range, on 28.4 million shares. The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.04 to 89.24, and the Direxion Daily Small Cap Bull 3X Shares (TNA) gained 1.48 to 54.99 as the indices were quite positive today. The ultra-shorts iPath S&P 500 VIX Short Term Futures (VXX) was down 1.30 to 24.73. The VelocityShares Daily 2x VIX (TVIX) dropped 90 cents to 16.18. The Direxion Daily Small Cap Bear 3X Shares (TZA) was off only 62 cents to 20.51. It was a good day for the bulls, as the S&P 500 snapped back to key resistance that was broken last week. At this point, very key overhead resistance is here, and if turned down from this level, I suspect, we could see substantially lower levels in the next few days. We’ll have to see how it goes. Good Trading! Harry
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