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Stock Market Indices Close Near Session Highs, Start Week Up Again

Stock-Markets / Stock Index Trading Dec 14, 2009 - 07:21 PM GMT

By: Harry_Boxer

Stock-Markets

The indices managed to start the week off with some more gains, but labored in the afternoon.

The day started out with a nice gap up. They immediately took out Friday's highs on the S&P 500, but failed to do so on the Nasdaq 100, and then pulled back and consolidated. They took off again and extended the highs for the entire trading range of the last 4 weeks on the SPX, reaching as high as 1114.76. The NDX had trouble getting through 1810-11 resistance and backed off in mid-afternoon, but came on again near the close to end not far off the highs for the day.


Net on the day the Dow closed at 10,501.05, up 29.55. The S&P 500 closed at 1114.1, up 7.70, and the Nasdaq 100 at 1809.0 was up 17.03.

Advance-declines were positive by 3 to 1 on New York and about 2 to 1 on Nasdaq. Up/down volume was 2 ½ to 1 positive on New York on total volume of just over 1.48 billion. Nasdaq traded about 1.82 billion and had about a 4 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher, with many point-plus gainers today. Chinese stocks were firm, with China Agritech (CAGC) up 2.43 at 29.68, Canadian Solar (CSIQ) up 2.27 to 24.78, SmartHeat (HEAT) up 1.23 to 16.52, RINO International (RINO) up 2.02 to 29.73, and AsiaInfo (ASIA) up 1.10 to 32.16.

Other Chinese stocks of note, China Automotive (CAAS) gained 45 cents to 20.91, and portfolio position Kandi (KNDI) 35 cents to 5.72, after hitting a new 52-week high at 6 earlier in the session on the heaviest volume in a month.

Other gainers of note, Fuel System Solutions (FSYS) was up 1.48 to 43.34, Hi Tech Pharmacal (HITK) 1.27 to 24.21, and Genco (GNK) 1.11 to 23.23.

In the ETF sector, the Direxion Large Cap Bull 3X Shares (BGU) up 1.08 to 52.18, and the Direxion Financial Bull 3x Shares (FAS) 1.68 to 73.99.

On the downside, there were no point-plus losers, but the ultrashort ETFs struggled, with Direxion Large Cap Bear 3X Shares (BGZ) falling 39 cents to 17.35, the Direxion Financial Bear 3x Shares (FAZ) lost 47 cents to 19.70, the UltraShort Real Estate ProShares (SRS) was down 32 cents to 7.79, a new all-time low, and the Direxion Small Cap 3x Bear (TZA) slipped 50 cents to 10.70.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, pulled back, then ran hard in the morning, consolidated, and then closed near the session highs, a good start to the week but not a great one, as overall volume on New York barely edged past a billion shares.

But a positive day nonetheless and the indices now find themselves pressing up against the top of their 4-week trading range and may try to break out and follow through over the next couple days.

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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