Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Covid, Debt and Precious Metals - 3rd Jun 20
Gold-Silver Ratio And Correlation - 3rd Jun 20
The Corona Riots Begin, US Covid-19 Catastrophe Trend Analysis - 3rd Jun 20 -
Stock Market Short-term Top? - 3rd Jun 20
Deflation: Why the "Japanification" of the U.S. Looms Large - 3rd Jun 20
US Stock Market Sets Up Technical Patterns – Pay Attention - 3rd Jun 20
UK Corona Catastrophe Trend Analysis - 2nd Jun 20
US Real Estate Stats Show Big Wave Of Refinancing Is Coming - 2nd Jun 20
Let’s Make Sure This Crisis Doesn’t Go to Waste - 2nd Jun 20
Silver and Gold: Balancing More Than 100 Years Of Debt Abuse - 2nd Jun 20
The importance of effective website design in a business marketing strategy - 2nd Jun 20
AI Mega-trend Tech Stocks Buying Levels Q2 2020 - 1st Jun 20
M2 Velocity Collapses – Could A Bottom In Capital Velocity Be Setting Up? - 1st Jun 20
The Inflation–Deflation Conundrum - 1st Jun 20
AMD 3900XT, 3800XT, 3600XT Refresh Means Zen 3 4000 AMD CPU's Delayed for 5nm Until 2021? - 1st Jun 20
Why Multi-Asset Brokers Like TRADE.com are the Future of Trading - 1st Jun 20
Will Fed‘s Cap On Interest Rates Trigger Gold’s Rally? - 30th May
Is Stock Market Setting Up for a Blow-Off Top? - 29th May 20
Strong Signs In The Mobile Gaming Market - 29th May 20
Last Clap for NHS and Carers, Sheffield UK - 29th May 20
The AI Mega-trend Stocks Investing - When to Sell? - 28th May 20
Trump vs. Biden: What’s at Stake for Precious Metals Investors? - 28th May 20
Stocks: What to Make of the Day-Trading Frenzy - 28th May 20
Why You’ll Never Get Another Stimulus Check - 28th May 20
Implications for Gold – 2007-9 Great Recession vs. 2020 Coronavirus Crisis - 28th May 20
Ray Dalio Suggests USA Is Entering A Period Of Economic Decline And New World Order - 28th May 20
Europe’s Coronavirus Pandemic Dilemma - 28th May 20
I Can't Pay My Payday Loans What Will Happen - 28th May 20
Predictive Modeling Suggests US Stock Markets 12% Over Valued - 27th May 20
Why Stocks Bear Market Rallies Are So Tricky - 27th May 20
Precious Metals Hit Resistance - 27th May 20
Crude Oil Cuts Get Another Saudi Boost as Oil Demand Begins to Show Signs of Life - 27th May 20
Where the Markets are heading after COVID-19? - 27th May 20
Silver Springboards Higher – What’s Next? - 26th May 20
Stock Market Key Resistance Breakout Is Where the Rubber Meets the Road - 26th May 20
5 Ways To Amp Up Your CFD Trading Today - 26th May 20
The Anatomy of a Gold Stock Bull Market - 26th May 20
Stock Market Critical Price Level Could Soon Prompt A Big Move - 25th May 20
Will Powell Decouple Gold from the Stock Market? - 25th May 20
How Muslims Celebrated EID in Lockdown Britain 2020 - UK - 25th May 20
Stock Market Topping Behavior - 24th May 20
Fed Action Accelerates Boom-Bust Cycle; Not A Virus Crisis - 23rd May 20
Gold Silver Miners and Stocks (after a quick drop) Ready to Explode - 23rd May 20
3 Ways to Prepare Financially for Retirement - 23rd May 20
4 Essential Car Trade-In Tips To Get The Best Value - 23rd May 20
Budgie Heaven at Bird Land - 23rd May 20

Market Oracle FREE Newsletter

Coronavirus-stocks-bear-market-2020-analysis

Stock Market Indices Close Positive in Volatile Session

Stock-Markets / Stock Markets 2010 Dec 09, 2010 - 10:11 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices had a very interesting, volatile day with a gap up and a quick pop to resistance which failed, and then rolled over very sharply at that point and reached the session lows after about an hour of trading. At that point the Nasdaq 100 was around 2183 and the S&P 500 just under 1220. A 5-wave advance ensued for the rest of the session, and the indices ended up spiking up into the close, closing near the session highs going away, right at key resistance. Still, they managed to move into the plus column and end up positive on the session.


Net on the day, the Dow was up 13.32 at 11,372.48. The S&P 500 was up 4.53 at 1228.28, and the Nasdaq 100 up 11.25 at 2200.60.

Advance-declines on the New York Stock Exchange, however, were 3 to 2 negative and up/down volume 3 to 2 positive. Total volume on New York was 1.1 billion shares traded. Nasdaq traded about 1.75 billion and had about a 10 to 7 positive ratio on advancing volume over declining volume, but advance-declines were almost dead even flat. So, very unusual statistics today.

Charts of the Day:

Today's charts include AMRN, ARVA, AVAV, CALX, ENTR, F, FTEK, IGOI, LOJN, MGM, NXPI, REDF, SRZ, and TASR.

Reviewing our Watchboard:

TheTechTrader.com board was interesting today in the fact that two major Chinese IPOs debuted and had spectacular sessions. YOUKU.COM (YOKU), the equivalent of YouTube on China, apparently, came in at 12.80, and closed up 20.64 at 33.44 on very heavy volume. E-COMMERCE CHINA DANGDANG INC. (DANG), which is e-commerce China equivalent of Amazon, came out at 16, closed at 29.91, up 13.91 on very heavy volume as well.

VIVUS Inc. (VVUS) jumped 1.20 to 9.00, and Orexigen Therapeutics, Inc. (OREX) was up 3.90 to 8.77, but traded as high as 11.15 earlier in the day, so it sold way off its high. Still, a pretty big day for it.

In addition, Apple Inc. (AAPL) jumped 2.80 to 321.01, and closed within a penny of its high for the day. Goldman Sachs (GS) had a big day, up 4.55 to 166.14, and also closed at its high for the day.

Other gainers of note, Polypore International Inc. (PPO) was up 2.10 to 43.09, and many other stocks were up smaller fractions, but those are the significant winners.

On the downside, the only point-plus losers was Brigham Exploration Co. (BEXP) which was downgraded today, down 1.12 to 26.34, except for the iPath S&P 500 VIX Short-Term Futures ETN (VXX), down 1.10 to 39.05.

Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, sold off sharply, and then had a 5-wave advance for the rest of the session closing at session highs going away and near key resistance.

We'll see if we can get an upside follow-through, or whether resistance proves futile and they roll them back down.

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

© 2005-2019 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

6 Critical Money Making Rules