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Stock Market Indices Rally to Close Narrowly Mixed

Stock-Markets / Stock Markets 2010 Jul 16, 2010 - 03:47 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleThe stock market indices ended mixed today, but had a volatile path to get there. They started the day out moving down, bounced a little bit, and then moved sharply lower, taking out key support on the indices, but secondary support held. They bounced back in a steady 5-wave advance and pulled back sharply until the last hour. However, in the last 30 minutes or so, they came on strongly and spiked up on news that BP Exploration plc (BP) had potentially capped their oil well spill and that Goldman Sachs (GS) was going to settle with the SEC.

Large-cap, high tech stocks led the way higher, but did not manage to close positively today. As a result the indices ended mixed.

Net on the day at the end of the day, the Dow was down 7.41 at 10,359.31, the S&P 500 up just 1.31 at 1096.48, and Nasdaq 100 up just 2.83 at 1856.24.

Advance/declines were 15 to 14 negative on the New York Stock Exchange, but 2 to 1 negative on Nasdaq. Up/down volume was near flat on New York and 5 to 4 positive on Nasdaq.

Charts of the Day:

Acacia Research Corporation (ACTG) has had a very nice pattern over the last year and a half, basing out at the end of 2008 and beginning of '09, running up from 2 to about the 10 area, and then consolidating for several months before basing out again. That base was broken in February, and the stock platformed in March and early April, and then it spiked at the end of April before going into another consolidation period. I'm looking for an extension, and it looks to me right now as it starts bubbling underneath resistance here and with the OBV continuously moving higher showing accumulation that this stock should break through and run up to at least the 20 - 21 zone where our trading target lies.

Akorn Inc. (AKRX) broke out today from a two and a half month ascending wedge. That pattern was accompanied by a strong technical thrust as well. It looks to me like we're headed toward the 4 level short-term. My trading target is going to be around 5, up at the 2008 late summer high.

Clean Energy Fuels (CLNE) popped as much as 1.50-.60 today before backing off, still closed up 1.02, or 6.7% on 3.7 million, the heaviest volume in 6-7 weeks. It appears that a big enough base has been built with three tests in the 13 1/2-14 zone. The stock today moved across the declining tops line and may be ready for an assault on the 18 1/2 zone short-term. Target in the 21-22 zone up at the March-April highs.

L&L Energy (LLEN) came out with fantastic earnings today, and the stock moved up a little bit. A continuing move here on strong volume and surging technicals indicates to me the stock is coming out of this triple-bottom, base-type pattern. If it moves through 11-11 1/2, I think it runs to the 14-14 1/2 level, my intermediate-term trading target.

Reviewing our Watchboard: board, as a result, was very mixed. Leading the way, Goldman Sachs (GS) was up 6.16 at 145.22, and traded near 148 in the aftermarket. Google Inc. (GOOG) was up 2.68 at 494.02, but traded 16 points lower in the aftermarket after releasing earnings. Transocean Ltd. (RIG) gained 2.34 at 54.70 and BP Exploration plc (BP) 2.74 at 38.92, as a result of the news that no new oil is flowing into the Gulf.

Other stocks of note, portfolio position Westport Innovations Inc. (WPRT) rose 85 cents to 18.80, and L & L Energy, Inc. (LLEN), featured above, added 28 cents to 10.30, after releasing excellent earnings.

In the ultra-short ETF sector, the Direxion Daily Small Cap Bear 3X Shares (TZA) jumped 96 cents to 35.45 along with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) that jumped 63 cents to 40.62.

On the downside, the only point-plus losers today included Dendreon Corp. (DNDN) down 1.54 at 32.45, Inc. (AMZN) down 1.24 at 122.06, and Apple Inc. (AAPL) down 1.28 at 251.45.

Large fractional losers included OmniVision Technologies Inc. (OVTI), which gave back 80 cents to 22.17. IDT Corporation (IDT) lost 61 cents at 15.69, Cree Inc. (CREE) 73 cents at 68.27, and Valassis Communications Inc. (VCI) 76 cents at 30.79.

Stepping back and reviewing the hourly chart patterns, the indices were down early in the morning, rallied back to retest the highs, and then backed off sharply, but with a half hour to go came on again very sharply and then closed at the session highs going away. Only a last 5-minute slight pullback prevented them from closing at the exact tick high for the day.

The indices gave a good accounting of themselves, holding the moving averages on the hourly charts and closing back up near the rally highs. We'll see if any further upside can be gotten, but the S&P 500 still has formidable resistance at the 1099-1100 range to contend with, which it backed off from late in the session.

Good Trading!


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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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