Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Stock Market Critical Price Level Could Soon Prompt A Big Move - 25th May 20
Will Powell Decouple Gold from the Stock Market? - 25th May 20
How Muslims Celebrated EID in Lockdown Britain 2020 - UK - 25th May 20
Stock Market Topping Behavior - 24th May 20
Fed Action Accelerates Boom-Bust Cycle; Not A Virus Crisis - 23rd May 20
Gold Silver Miners and Stocks (after a quick drop) Ready to Explode - 23rd May 20
3 Ways to Prepare Financially for Retirement - 23rd May 20
4 Essential Car Trade-In Tips To Get The Best Value - 23rd May 20
Budgie Heaven at Bird Land - 23rd May 20
China’s ‘Two Sessions’ herald Rebound of Economy - 22nd May 20
Signs Of Long Term Devaluation US Real Estate - 22nd May 20
Reading the Tea Leaves of Gold’s Upcoming Move - 22nd May 20
Gold, Silver, Mining Stocks Teeter On The Brink Of A Breakout - 21st May 20
Another Bank Bailout Under Cover of a Virus - 21st May 20
Do No Credit Check Loans Online Instant Approval Options Actually Exist? - 21st May 20
An Eye-Opening Perspective: Emerging Markets and Epidemics - 21st May 20
US Housing Market Covid-19 Crisis - 21st May 20
The Coronavirus Just Hit the “Fast-Forward” Button on These Three Industries - 21st May 20
AMD Zen 3 Ryzen 9 4950x Intel Destroying 24 core 48 thread Processor? - 21st May 20
Dow Stock Market Trend Analysis and Forecast - 20th May 20
The Credit Markets Gave Their Nod to the S&P 500 Upswing - 20th May 20
Where to get proper HGH treatment in USA - 20th May 20
Silver Is Ensured A Prosperous 2020 Thanks To The Fed - 20th May 20
It’s Not Only Palladium That You Better Listen To - 20th May 20
DJIA Stock Market Technical Trend Analysis - 19th May 20
US Real Estate Showing Signs Of Covid19 Collateral Damage - 19th May 20
Gold Stocks Fundamental Indicators - 19th May 20
Why This Wave is Usually a Market Downturn's Most Wicked - 19th May 20
Gold Mining Stocks Flip from Losses to 5x Leveraged Gains! - 19th May 20
Silver Price Begins To Accelerate Higher Faster Than Gold - 19th May 20
Gold Will Soar Soon; World Now Faces 'Monetary Armageddon' - 19th May 20
Gold Mining Stocks Fundamentals - 18th May 20
Why the Largest Cyberattack in History Will Happen Within Six Months - 18th May 20
New AMD Ryzen 4900x and 4950x Zen3 4th Gen Processors Clock Speed and Cores Specs - 18th May 20
Learn How to Play the Violin, Kids Activities and Learning During Lockdown - 18th May 20
The Great Economy Reopening Gamble - 17th May 20
Powell Sends a Message With Love for Gold - 17th May 20
An Economic Renaissance Emerges – Stock Market Look Out Below - 17th May 20
Learn more about the UK Casino Self-exclusion - 17th May 20
Will Stocks Lead the Way Lower for Gold Miners? - 15th May 20
Are Small-Cap Stocks (Russell 2k) Headed For A Double Dip? - 15th May 20
Coronavirus Will Wipe Out These Three Industries for Good - 15th May 20
Gold and Silver: As We Go from Deflation to Hyperinflation - 15th May 20

Market Oracle FREE Newsletter


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


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. 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!


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 . 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

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 - 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