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Thursday Stock Market Snap Back Rally Session

Stock-Markets / US Stock Markets Jun 04, 2009 - 05:16 PM GMT

By: Harry_Boxer

Stock-Markets

The indices had a real good snapback session after yesterday's losses, moving higher from the get-go, consolidating all morning, and then moving higher mid-day. A subsequent mid-afternoon consolidation held support, and they came back up in the last hour to close near the session highs.


Net on the day the Dow was up 74.96 at 8750.24, the S&P 500 up 10.70 at 942.46, and the Nasdaq 100 up 17.30 to 1492.74.

Advance-declines were just under 4 to 1 positive on New York and 2 1/2 to 1 positive on Nasdaq. Up/down volume was about 3 to 1 positive on New York on total volume of 1 1/4 billion. Nasdaq traded over 2.4 billion and had a better than 4 to 1 positive volume ratio.

TheTechTrader.com board was nearly all higher today. Only a few issues were down just small fractions.

Leading the way to the upside was portfolio position OGXI, up 4.37 to 25.02. Potash (POT) gained 4.13 to 114.79, and Mosaic (MOS) added 1.24 to 53.68.

Financials were very positive, with Goldman Sachs (GS) up 7.32 to 149.47, JP Morgan (JPM) up 1.37 to 35.35, and Morgan Stanley (MS) up 1.48 to 31.20. Wells Fargo (WFC) advanced 97 cents to 25.10.

Apple (AAPL) jumped 2.78 to 143.74.

The U.S. Oil Fund ETF (USO) gained 1.44 to 37.69, as crude oil snapped back. The iShares MSCI Brazil Index ETF (EWZ) rose 1.84 to 56.07.

The iShares FTSE/Xinhua China 25 Index (FXI) was up 73 cents, and the Direxion Financial Bull 3x Shares (FAS) gained 84 cents to 10.52.

Thetechtrader.com portfolio positions: Patriot Coal (PCX) snapped back 48 cents to 8.80, Pyramid Oil (PDO) added 85 cents to 8.40, China Green Agriculture (CGA) advanced 70 cents to close at 8, and Brigham Exploration (BEXP) jumped 43 cents to 3.91.

There was a big move in the junior solars today, as Canadian Solar (CSIQ) advanced 3.08 to 15.65 and Yingi Green Energy ( YGE) jumped 1.74 to 14.77. Low-priced biotech OCLS was up 1.04 to 4.40 on 6.6 million.

Stepping back and reviewing the hourly chart patterns, the indices had a positive session today, spiking up at the close and moving higher in a 45-degree rising channel with a strong close

Tomorrow, I'll be presenting at the Traders Expo in Pasadena, Calif., and off the desk. So have a good weekend, and we'll talk to you again on Monday.

Good trading!

Harry

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(c) 2009 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

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