Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Extend Rally

Stock-Markets / Stock Markets 2010 Jul 14, 2010 - 01:27 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a stellar day on Tuesday and extended the rally sharply. The day started out with a gap up. They pulled back, backed and filled, and then popped until mid-day to the morning highs at 1844 on the Nasdaq 100 and the 1097 area on the S&P 500.


Over the next couple hours they pulled back in a slow, orderly looking flag-type pattern, and then came on again in the afternoon to new highs, above 1850 NDX and just under 1100 SPX. In the last 10 minutes they backed off rather sharply and took back a small chunk of the gains, but still ended up with a big gain on the day.

Net on the day, the Dow was up another 146.75 at 10,363.02, although the high for today was over 10,400. The S&P 500 was up 16.59 at 1095.34, about 4 points off its high, and the NDX up 24.00 at 1845.03, about 6 points off its high.

Advance/declines, however, were sharply higher by about 7 to 1 on the New York Stock Exchange and about 7 to 1 on Nasdaq as well. Up/down volume was about 11 to 1 positive on New York with total volume of about 1.1 billion shares today, and about 12 to 1 positive on New York with about 2 1/4 billion shares traded.

Reviewing our Watchboard:

TheTechTrader.com board, as a result, had a very big day today. Most of the stocks on the board were up, other than Apple Inc. (AAPL), which had more negative news and dropped 5 1/2 points today on 42 million shares.

Other losses included Transocean Ltd. (RIG), down 2.07 at 51.99, but BP Exploration plc (BP) managed to gain 12 cents at 36.88, about a point off its high.

Leading the way on the upside, Google Inc. (GOOG) was up 13.37 at 489.20. Amazon.com Inc. (AMZN) gained 4.14 at 123.65, and Goldman Sachs (GS) was up 3.00 even at 140.25. One of the stars of the day today was Ivanhoe Mines Ltd. (IVN), up 2.02 at 16.45.

Other point-plus gainers of note were California Pizza Kitchen Inc. (CPKI) up 1.32 at 16.04, China Automotive Systems Inc. (CAAS) up 1.20 at 18.40, and Dendreon Corp. (DNDN) up 1.28 at 33.73.

China TransInfo Technology Corp. (CTFO) was a stand out in the low-priced sector, up 1.46 at 7.19, with a big percentage gain. VIVUS Inc. (VVUS) was also a star today, up 1.79 at 12.44 on nearly 31 million. Valassis Communications Inc. (VCI) gained 1.84 to 31.84 today.

Among issues on the downside, the ultrashort ETFs had a very bad day today, with the Direxion Daily Small Cap Bear 3X Shares (TZA) dropping 3.57 to 34.21, Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 1.55 to 39.77, and Direxion Daily Financial Bear 3X Shares (FAZ) dropping 1.04 to 13.74.

Stepping back and reviewing the hourly chart patterns, the indices had a 5-wave rally today, interrupted by consolidations in the morning and mid-day, and a late pullback as well, but for the most part the indices were up very nicely with confirming indicators today. The key to today's action was late in the day the indices backed off from its major declining topsline, which could lead to further downside.

We'll see how it goes tomorrow.

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) 2010 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

© 2005-2022 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