Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
How Binance SCAMs Crypto Traders with UP DOWN Coins, Futures, Options and Leverage - Don't Get Bogdanoffed! - 20th Jun 21
Smart Money Accumulating Physical Silver Ahead Of New Basel III Regulations And Price Explosion To $44 - 20th Jun 21
Rambling Fed Triggers Gold/Silver Correction: Are Investors Being Duped? - 20th Jun 21
Gold: The Fed Wreaked Havoc on the Precious Metals - 20th Jun 21
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Positive Session for the Stock Market Bulls

Stock-Markets / Stock Markets 2010 Jun 04, 2010 - 02:39 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices managed to eek out a gain at the end of the day today, only because of a late afternoon rally.

The day started out on the plus side and then sold off in a 3-wave decline by midday, reaching the session lows at that point. When further downside was unable to be attained, the indices tried the upside, tested the declining topslines, backed off there, but came on again and blew through them with a couple hours to go. They then stair-stepped their way higher near the afternoon highs at the close to put the indices back in the plus column.


At the end of the day, the Dow was up just 5.74 at 10.255.28, the S&P 500 up 4.45 at 1102.83, and the Nasdaq 100, however, was up 16.07 at 1895.66.

Advance-declines today were very positive by about 19 to 11 on the New York Stock Exchange, and by about 8 to 5 on Nasdaq. Up/down volume was 7 to 4 positive on New York on total volume of 1.2 billion. Nasdaq traded 2.1 billion shares and had about a 3 to 1 positive ratio.

Our Charts of the Day:

Aruba Networks, Inc. (ARUN), a new one we've been watching, broke out today. After dropping and forming a kind of head-and-shoulders bottom, this stock turned around and broke through the April and late May highs today, jumping 40 cents on 3.8 million shares with thrusts in On-Balance Volume. This one may reach 15 1/2, and then gets started toward the 18.00 range.

Quest Software Inc. (QSFT) made a new 8-year high today, breaking out across multiple tops. You can see on the chart the 8-year base pattern, which can support a very big move. The significance of today's action is that it broke out of a little consolidation pattern it's been in, and then it jumped 76 cents, or nearly 4%, today. Volume and technicals are starting to accelerate. Ultimately, I look for this stock to make a move in to the mid-20s, then low 30s and more.

Transocean Ltd. (RIG) has gotten battered by 50% in the last 6 weeks. Long-term support was hit yesterday and it bounced. Today it took off, snapped back 2.71, and closed just pennies off the high for the day on 29 million shares. I suspect that just based on the simple Fibonacci Retracement it could get this stock to the 60-63 zone, my short-term trading target.

Westport Innovations Inc. (WPRT), a new portfolio position, which three times in the last couple weeks has held the 13.40 zone, snapped back with a vengeance yesterday, backed off in the morning, and then came on strong to close right at resistance. A break through here, around 17.30, and I'm looking for a move that takes this up toward the 20-20 1/2 zone. Beyond that something in the low to mid-20s may be doable.

Reviewing our watchboard:

TheTechTrader.com board was mostly up today. Leading the way was Google Inc. (GOOG), up 12.23 to 505.60. Transocean Ltd. (RIG), mentioned above, jumped 2.76 and closed at 51.11 on 29 million shares. Coinstar Inc. (CSTR), one of our current favorites, was up 2.77 at 57.83, and Amazon.com Inc. (AMZN) gained 2.45 at 128.76.

Among other gainers of note, Xyratex Ltd. (XRTX) advanced 59 cents to 16.30, Solarfun Power Holdings Co. Ltd. (SOLF) 53 cents to 7.50, RINO International Corporation (RINO) 62 cents to 13.23, Northern Oil and Gas, Inc. (NOG) 66 cents to 15.08, and Brigham Exploration Co. (BEXP) 59 cents to 18.48 in a firm oil group.

In addition, Mindspeed Technologies Inc. (MSPD) jumped 60 cents to 9.65, Cree Inc. (CREE) 85 cents to 68.22, Cirrus Logic Inc. (CRUS) 35 cents to 14.93, Baidu, Inc. (BIDU) 68 cents to 76.66, and China Automotive Systems Inc. (CAAS) 45 cents to 18.94.

ETFs were very narrowly mixed today, with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up just 55 cents to 48.23, while the iPath S&P 500 VIX Short-Term Futures ETN (VXX) dropped 47 cents to 28.40.

Other losses of note, Goldman Sachs Group, Inc. (GS) could not get in the plus column and was off 79 cents at 144.04. Delcath Systems Inc. (DCTH) backed off 41 cents at 15.54, and Apple Inc. (AAPL) lost 83 cents to 263.12.

Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, backed off in a 3-wave decline in the morning, and then stair-stepped their way higher in the afternoon to close not far off the session highs. Positive day for the bulls and the rally off the lows extended itself today nominally.

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