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Stock-Markets / US Stock Markets Jul 21, 2009 - 12:55 AM GMT

By: Harry_Boxer

Stock-Markets

The indices started the week in strong fashion. Although they were very choppy during the day, they did hold support for most of the session, and then came on again in the last hour, closing at the highs for the day going away, which are also the highs for this entire rally.


Net on the day the Dow was up 104.20 at 8848.15, the S&P 500 up 10.75 at 951.13, and the Nasdaq 100 up 16.74 at 1544.

Advance-declines were better than 3 to 1 positive on New York and about 2 ½ to 1 positive on Nasdaq. Up/down volume was about 3 ½ to 1 positive on New York on total volume of just 1.1 billion. Nasdaq traded just over 1.9 billion and had a nearly 5 to 1 volume ratio.

By far, the stock of the day today was Human Genome Sciences (HGSI), which soared 9.19 on positive drug news to close at 12.51, up 277% on 122 million shares.

That was our Chart of the Day (see link at right).

Goldman Sachs (GS) was up 3.19 to 160.03, and Apple (AAPL) up 1.16 to 152.91, although that reached over 155 earlier in the day.

Junior Biotech Orexigen (OREX) gained 1.51 to 7.20 on 7.3 million.

The iShares MSCI Brazil Index ETF (EWZ) advanced 1.66 to 55.72, and the iShares FTSE/Xinhua China 25 Index (FXI) was up 1.58 to 40.92.

Oil Services HLDRs (OIH) jumped 1.46 to 102.44, and the U.S. Oil Fund ETF (USO) gained 59 cents, as crude oil firmed today.

Other gainers of note, former portfolio position Cornerstone Therapeutics (CRTX) rose 59 cents to 9.01. Fuel System Solutions (FSYS) advanced 65 cents to 22.76, and low-priced Infosonics (IFON), a portfolio position, jumped 28 cents to 1.96, about 17 percent today.

Targacept (TRGT), another junior biotech, did well, up 51 cents to 8.37.

On the downside, the UltraShort Real Estate ProShares (SRS) lost 1.33 to 18.07, and the Direxion Financial Bear 3x Shares (FAZ) lost 1.29 to 41.01. Direxion Large Cap Bear 3X Shares (BGZ) lost 1 to 31.24, and the Direxion Small Cap 3x Bear (TZA) lost 81 cents to 19.68.

Stepping back and reviewing the hourly chart patterns, we gapped up in the morning, backed off and tested support and held, and then backed and filled for several hours in a coiling-type fashion, before a late afternoon breakout spurred the indices to new session and rally highs.

So another strong start to the week, but the NDX is now up 9 days in a row and the oscillators at this point are getting quite extended (NYSE McClellan oscillator now +202, NDX oscillator +102, SPX oscillator +96). The rally rolled on today and until it actually reverses upward momentum can continue.

But, I'm expecting a possible turnaround Tuesday tomorrow.

Good trading!

Harry

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Mr. Boxer's commentaries and index analysis 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. Trades mentioned on the site are hypothetical, not actual, positions.

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