Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
AMD Ryzen Zen 3 NO UK MSRP Stock - 5600x, 5800x, 5900x 5950x Selling at DOUBLE FAKE MSRP Prices - 29th Nov 20
Stock Market Short-term Decision Time - 29th Nov 20
Look at These 2 Big Warning Signs for the U.S. Economy - 29th Nov 20
Dow Stock Market Short-term and Long-term Trend Analysis - 28th Nov 20
How To Spot The End Of An Excess Market Trend Phase – Part II - 28th Nov 20
BLOCKCHAIN INVESTMENT PRIMER - 28th Nov 20
The Gold Stocks Correction is Maturing - 28th Nov 20
Biden and Yellen Pushed Gold Price Down to $1,800 - 28th Nov 20
Sheffield Christmas Lights 2020 - Peace Gardens vs 2019 and 2018 - 28th Nov 20
MUST WATCH Before You Waste Money on Buying A New PC Computer System - 27th Nov 20
Gold: Insurance for Prudent Investors, Precious Metals Reduce Risk & Preserve Wealth - 27th Nov 20
How To Spot The End Of An Excess Market Trend Phase - 27th Nov 20
Snow Falling Effect Christmas Lights Outdoor Projector Amazon Review - 27th Nov 20
4 Reasons Why You Shouldn't Put off Your Roof Repairs - 27th Nov 20
Further Clues Reveal Gold’s Weakness - 26th Nov 20
Fun Things to Do this Christmas - 26th Nov 20
Industries that Require Secure Messaging Apps - 26th Nov 20
Dow Stock Market Trend Analysis - 25th Nov 20
Amazon Black Friday Dell 32 Inch S3220DGF VA Curved Screen Gaming Monitor Bargain Deal! - 25th Nov 20
Biden the Silver Bull - 25th Nov 20
Inflation Warning to the Fed: Be Careful What You Wish For - 25th Nov 20
Financial Stocks Sector ETF Shows Unique Island Setup – What Next? - 25th Nov 20
Herd Immunity or Herd Insolvency: Which Will Affect Gold More? - 25th Nov 20
Stock Market SEASONAL TREND and ELECTION CYCLE - 24th Nov 20
Amazon Black Friday - Karcher K7 FC Pressure Washer Assembly and 1st Use - Is it Any Good? - 24th Nov 20
I Dislike Shallow People And Shallow Market Pullbacks - 24th Nov 20
Small Traders vs. Large Traders vs. Commercials: Who Is Right Most Often? - 24th Nov 20
10 Reasons You Should Trade With a Regulated Broker In UK - 24th Nov 20
Stock Market Elliott Wave Analysis - 23rd Nov 20
Evolution of the Fed - 23rd Nov 20
Gold and Silver Now and Then - A Comparison - 23rd Nov 20
Nasdaq NQ Has Stalled Above a 1.382 Fibonacci Expansion Range Three Times - 23rd Nov 20
Learn How To Trade Forex Successfully - 23rd Nov 20
Market 2020 vs 2016 and 2012 - 22nd Nov 20
Gold & Silver - Adapting Dynamic Learning Shows Possible Upside Price Rally - 22nd Nov 20
Stock Market Short-term Correction - 22nd Nov 20
Stock Market SPY/SPX Island Setups Warn Of A Potential Reversal In This Uptrend - 21st Nov 20
Why Budgies Make Great Pets for Kids - 21st Nov 20
How To Find The Best Dry Dog Food For Your Furry Best Friend?  - 21st Nov 20
The Key to a Successful LGBT Relationship is Matching by Preferences - 21st Nov 20
Stock Market Dow Long-term Trend Analysis - 20th Nov 20
Margin: How Stock Market Investors Are "Reaching for the Stars" - 20th Nov 20
World’s Largest Free-Trade Pact Inspiration for Global Economic Recovery - 20th Nov 20
Dating Sites Break all the Stereotypes About Distance - 20th Nov 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Stock Market Manages to Hold Gains After Strong Opening Gap

Stock-Markets / US Stock Markets Jul 30, 2009 - 07:55 PM GMT

By: Harry_Boxer

Stock-Markets

We had another up-day, and the indices started with a big rally that broke key multiple session consolidation ranges and went to new 3-week & 2009 rally highs.


The rally in the morning took the Nasdaq 100 to a new rally high at nearly 1633, the highest level reached since early November of last year. The S&P 500 reached 996.68, the highest level since late September of last year. They pulled back late in the morning and then consolidated mid-day, but when no rally materialized late in the session they rolled over hard and took back a big chunk of the gains.

Net on the day the Dow was up 86.74 to 9154.46, but traded nearly 90 points higher earlier in the day. The S&P 500 was up 11.60 to 986.75, about 10 points off the high, and the Nasdaq 100 closed up 10.26 at 1601.97, but gave back 22 points off its high.

Advance-declines were positive by 4 to 1 on New York and 2 12 to 1 on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York on total volume of nearly 1.35 billion. Nasdaq traded nearly 2 ½ billion and had a 16 t o 9 positive volume ratio.

So the technicals confirmed the positive session, but the last-hour sell-off put a big dent in the day's final results.

TheTechTrader.com board was very active and had many multiple-point gainers. Leading the way was American Superconductor (AMSC), jumping 5.85 to 32.13 on strong earnings, but that was more than 4 points off its high.

Goldman Sachs (GS) was up nearly 3 at 162.42 in a continuing strong financial sector. Morgan Stanley (MS) gained 1.20, at 28.36, and Wells Fargo (WFC) 49 cents to 24.87. JP Morgan (JPM) added 70 cents to 38.47.

In addition, Mosaic (MOS) advanced 2.48 to 51.71, and Potash (POT) 2.79 to 94.87 in the ag/chem sector.

Among the ETFs, the Direxion Financial Bull 3x Shares (FAS) rose 3.57 to 56.56, the U.S. Oil Fund ETF (USO) up 2.02 to 35.49 on firmer oil, the iShares MSCI Brazil Index ETF (EWZ) up 1.58 to 57.50, and the iShares FTSE/Xinhua China 25 Index (FXI) up 74 cents to 42.00.

Other stocks of note, Rambus (RMBS) jumped 93 cents to 17.13 on 3.3 million. New portfolio position Orthovita (VITA) closed at 6, up 50 cents on 1.5 million. Portfolio position Ixia (XXIA) gained 26 cents to 7.70, SIGA Technologies (SIGA) gained 14 cents to 7.91 and China Green Agriculture (CGA) jumped to as high as 12 today, where we exited, but closed at 11.12, up 39 cents on the day.

On the downside, the Direxion Financial Bear 3x Shares (FAZ) fell 2.58 to 34.98., the UltraShort Real Estate ProShares (SRS) lost 1.14 to 15.36, and the Direxion Small Cap 3x Bear (TZA) 89 cents to 16.37.
In the junior biotech sector, Targacept (TRGT) gave back 1.14 to 10.79.

Stepping back and reviewing the hourly chart patterns, a multiple-session consolidation range was broken at the upside at the opening with some large gap-ups. Then a strong rallied followed, only to take back a big chunk of it in the last hour, but still managing to hold gains on the session.

We'll see if today's afternoon reversal was meaningful or not. But it certainly was another positive session for the bulls.

Good trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

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.

Harry Boxer Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules