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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Stock Market Indices End Mixed to Close Out Week

Stock-Markets / US Stock Markets Jul 11, 2009 - 12:46 PM GMT

By: Harry_Boxer

Stock-Markets The stock market indices had a mixed performance at the close today, but not without some volatility, especially in the morning.


The indices opened down, immediately reversed after holding support and rallied sharply to new snapback highs on the Nasdaq 100, but the S&P 500 failed to confirm that and couldn't even get through price and moving average resistance. A sharp setback followed, taking the NDX and SPX to new pullback lows off of yesterday's highs and the early highs on Nasdaq, but held secondary support. When that occurred, a snapback rally occurred mid-day, followed by a pullback that tested support successfully. The indices then backed and filled for about an hour and a half, before a late rally try got right up to earlier rally highs, but failed to get a late follow through and backed off.

Net on the day the Dow was down 36.65 to 8146.52 and the S&P 500 down 3.55 at 879.13, but the Nasdaq 100 was up 4.86 at 1490.84. The Philadelphia Semiconductor Index (SOXX) was up 1.09 to 259.04.

The technicals also were mixed. Advance-declines were negative by about 90 issues on New York and positive by 170 issues on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of a very light 900 million. Nasdaq traded just under 1 2/3 billion with a 3 to 2 positive volume ratio.
So it was a slow summer Friday session, as the summer doldrums appear to be setting in.

TheTechTrader.com board stocks moved marginally today, but there were some outstanding gainers and losers. Apple (AAPL) gained 2.16 to 138.52, and the Direxion Financial Bear 3x Shares (FAZ) gained 2.10 to 56.45, a post reverse split price.

Those were the only point-plus gainers on our board.

On the downside, the Direxion Financial Bull 3x Shares (FAS) lost 1.44 to 37.46, and Goldman Sachs (GS) 1.34 to 141.87. Among other financials, JP Morgan (JPM) was down 1.28 to 32.34. Wells Fargo (WFC) dropped 41 cents to 22.87.

The ag/chem stocks got hammered by lower international pricing of potash. Potash (POT) fell 8.44 to 85.07, more than 10 points off its earlier high. Mosaic (MOS) lost 1.63 to 41.13. Low-priced Cornerstone Therapeutics (CRTX) was down 1.31 to 7.38.

Those were the only point-plus losers on our board.

Stepping back and reviewing the hourly chart patterns, the indices were up early in the morning, down late in the morning, and then back up in the afternoon before a couple hours of backing and filling resulted in a rally try right at the end that failed. As a result, the indices closed mixed on the session, a very unsatisfying way to close the week.

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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