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Stock Market Disappointing Up-Session

Stock-Markets / Stock Markets 2010 Jul 07, 2010 - 04:43 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices had an up-day today, but it was disappointing. The session started out with a big gap up. The indices ran to overhead resistance near 1765 on the Nasdaq 100 and as high as 1042.50 on the S&P 500. A steady decline ensued early within the first hour that took the indices back down to 1720 on the NDX, 45 points off its high, and 1018 on the SPX. A late rally snapped the indices back to resistance.


Net on the day, the Dow was up just 57.14 to 9743.62 after being more than 115 points higher earlier in the session. The S&P 500 closed up 5.48 at 1028.06, more than 14 points off its high, and the Nasdaq 100 closed at 1734.60 up 6.34, 29 points off its high.

Advance/declines on the New York Stock Exchange were slightly negative by 39 issues, and were 2 to 1 negative on Nasdaq. Up/down volume was about 6 to 5 positive on New York with total volume of about 1.2 billion, and Nasdaq traded a little over 2.1 billion and had about an 11 to 10 negative plurality. A mixed session today despite the positive finish on the indices.

Charts of the Day:

Akorn Inc. (AKRX) moved up quite nicely in April from 1.30, nearly tripling up to 3.30 by early June. Over the last couple months it's formed a kind of descending wedge or coil with a double top up around 3.30. That's the level we want to look at for breakout, but during the consolidation it's had an ever increasing OBV, which indicates accumulation, and Money Stream and Balance of Power is acting well. The stock is above its moving averages and support, and should it get a break to the upside, we'll look for a quick move that takes it to the 4-4 1/2 zone. That's the trading target on a short-term basis.

Broadwind Energy, Inc. (BWEN) had a strong day today. It jumped 45 cents or 16%, although at one point it was up substantially higher and backed off, reaching as high at 3.83 this morning. It popped above the 50-day moving average and lateral price resistance. With strong volume and strong surge in technicals, I'm looking for more upside on this stock. If it can get through today's high, I'll be looking for a move that takes it up to 4 1/2, then the 5 3/4-6 zone, my intermediate and long-term targets.

Micrus Endovascular Corp. (MEND) moved across a 4-5 month declining topsline on Friday and then followed through a bit today, reaching as high as 22 before backing off. It's still up 22%. Volume and technicals are surging. It looks like this one is going countertrend to the indices, and having strong relative strength. This stock, if it gets through 21.66 level, has some resistance in the mid-20s. That's my short-term trading target, then something in the high 20s on an intermediate basis.

NexMed, Inc. (NEXMD) is another stock that had a big day today. It popped 1.64 or 74 1/2% on 2 million shares, the biggest volume this year. It had a significant price-volume surge that took it through the 10- and 21-day moving averages. I'm expecting a test of the 50-day and price resistance up at the 5 - 5 1/2 zone. That's where I'd like to see this stock test the next few days.

Reviewing our Watchboard:

TheTechTrader.com board, as a result, was mixed, although there were several point-plus gainers and losers. Leading the way on the upside, BP Exploration plc (BP) came back strongly, up 2.56 on 49.8 million shares, closing at 31.91 at the high for the day. Transocean Ltd. (RIG) was up just 28 cents at 48.15, a point off the low.

The star for the day was low priced NexMed, Inc. (NEXMD), as detailed above. Goldman Sachs (GS) advanced 1.18 at 132.26, and Apple Inc. (AAPL) was up 1.69 at 248.63.

On the downside, Dendreon Corp. (DNDN) lost 1.41 at 27.31, and Valassis Communications Inc. (VCI) gave back 1.99 at 29.08.

Ultra-short ETF IPath S&P 500 VIX Short-Term Futures ETN (VXX) dropped 1.29 at 28.70, but Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) was the big loser there, down 2.69 at 45.40.

Other losers of note, OmniVision Technologies Inc. (OVTI) dropped 56 cents at 20.79, OMNOVA Solutions Inc. (OMN) 44 cents at 7.40, China Automotive Systems Inc. (CAAS) 48 cents at 16.18, China Agritech Inc. (CAGC) 55 cents at 10.19, and AutoNavi Holdings Limited (AMAP) 68 cents at 14.22.

Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, ran up sharply to overhead resistance, and then rolled over hard for the rest of the day until the final 30-40 minutes when they snapped back to preserve some of the gains for the day. It was still a disappointing session. The best thing that could be said about today's session was that the pullback held at the 3-day rising bottoms line and so secondary support held.

We'll see if the indices can snap back 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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