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Stock Market Marking Time

Stock-Markets / Stock Index Trading Dec 10, 2009 - 11:17 PM GMT

By: Harry_Boxer

Stock-Markets

The indices ended up on the day, but all the gains were made in the first few minutes. The indices gapped up, ran hard, reached 1808 on the Nasdaq 100 and just over 1106 on the S&P 500, but for the rest of the session backed and filled in a consolidative manner. Not a bad session for the bulls as support continued to hold at 1100 on the SPX and the 1798-1800 range on the NDX.


Net on the day the Dow was up 68.78 at 10,405.83, the S&P 500 up 6.40 at 1102.35, and the Nasdaq 100 up 9.67 at 1799.37

Advance-declines were 3 to 2 positive on New York, but more than 3 to 2 negative on Nasdaq. Up/down volume was about 5 to 3 positive on New York on total volume of billion. Nasdaq traded billion and had a 5 to 4 positive volume ratio.

TheTechTrader.com board had more losers than gainers. In fact, there were no point-plus gainers on our board.

Leading the way to the downside, Fuel System Solutions (FSYS) dropped 4.98 at 45.51. SIGA Technologies (SIGA) on a secondary lost 1.34 to 7.31, and RINO International (RINO) 1.46 to 26.83. China Agritech (CAGC) gave back 1.31 to 28.59.

Other losers of note, Rambus (RMBS) lost 66 cents to 21.28, Wells Fargo (WFC) 64 cents to 25.32, and Canadian Solar (CSIQ) 68 cents to 23. Lihua (LIWA) gave back 1.83 to 10.37 for a big percentage loss there.

On the plus side, the Direxion Large Cap Bull 3X Shares (BGU) was up 90 cents to 15.37. Fractional gainers included Sourcefire (FIRE) up 52 cents to 23, Human Genome Sciences (HGSI) up 54 cents to 27.65, and Ocean Power (OPTT) up 32 cents to 9.45. In addition, Oncothyreon (ONTY) added 69 cents to 5.56.

Stepping back and reviewing the hourly chart patterns, it was a gap up at the get-go, but then the indices consolidated for the rest of the session. We'll see if that leads to more gains tomorrow, but certainly the indices marked time today.

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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