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Volatile Stock Market Session Ends Mixed

Stock-Markets / Stock Index Trading Sep 30, 2009 - 07:27 PM GMT

By: Harry_Boxer

Stock-Markets The markets ended mixed but it was a wild ride, as volatile swings both ways whipped traders around.


The day started out with a gap up and immediately sold off sharply after negative economic news, with the Nasdaq 100 dropping from 1726 to 1691, or 35 points in about a half hour. The S&P 500 dropped from about 1063 to 1047, or 16 points in that same period. It looked like they were starting to form bear flags and may go lower, but when they refused to roll over and started heading higher, the shorts got squeezed and a very sharp rally ensued, taking the NDX from around 1692 to 1732, to test Monday's highs. The SPX trailed a bit at that point, although it did rally back from 1047 to 1063, but it failed to punch through, as did the NDX.

They rolled over sharply, gave back about half the gains, and then bounced into the close to close mixed on the day.

Net on the day the Dow was down just under 30 points, or 29.92, to 9712.28. The S&P 500 fell 3.53 at 1057.03, and the Nasdaq 100 up 1.32 at 1718.99. The Philadelphia Semiconductor Index (SOXX) managed to gain 2.75, leading the NAsdaq higher.

Advance-declines stayed in the positive column by about 500 issues on New York, about 17 to 12 negative, and 17 to 10 negative on Nasdaq. Up/down volume was 10 to 7 negative on New York on total volume of 1 3/4 billion. Nasdaq traded a heavy 2.7 billion and had a 7 to 6 positive volume ratio.

TheTechTrader.com board closed mostly narrowly mixed as a result of all the swings. The U.S. Oil Fund ETF (USO) gained 1.88 to 36.19 with oil up sharply. Recent portfolio position RINO International (RINO) ran to 22.31, a new all-time high, before closing back at 21.14, up 1.14 on 1.6 million shares.

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

On the downside, American International Group (AIG) lost 1.11 to 44.11 and JP Morgan (JPM) 1.06 to 43.82. There the only point-plus losers.

Other changes of note, portfolio position China TransInfo (CTFO) hit a new all-time at 9.65, closing up 60 cents at 9.46.

Ultrashorts were positive today, with the the Direxion Small Cap 3x Bear (TZA) up 39 cents to 12.14, the UltraShort Real Estate ProShares (SRS) up 16 cents to 9.69, Direxion Financial Bear 3x Shares (FAZ) up 37 cents at 20.79, and the Direxion Large Cap Bear 3X Shares (BGZ) up 23 cents to 21.41. Those were all well off their intraday highs.

Stepping back and reviewing the hourly chart patterns,the indices were up at the opening, down sharply early on and then came back with a roar to test recent highs, but failed and rolled over before bouncing into the close.

It was a volatile mixed session. The key to today's action was that short-term support around 1690-91 NDX and around 1042-44 area SPX managed to hold. Those are the areas we'll be watching tomorrow, as well as resistance at 1732-34 NDX and 1066-69 SPX.

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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