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Stock Market Resilient Indices Close Slightly Ahead

Stock-Markets / Stock Markets 2010 Sep 18, 2010 - 09:02 AM GMT

By: Harry_Boxer


The stock market indices had a narrowly positive session. They opened with a big gap up to new highs, pulled back very sharply on negative economic news, but then bounced around, bounced back, and then backed and filled all day, failing to break out above or below support or resistance intraday.

Net of the day, the Dow was up just 13.02 at 10,607.85. The S&P 500 was up 93 cents at 1125.59. The Nasdaq 100, however, was up 7.72 at 1955.83.

Advance-declines were nearly 3 to 2 positive on the New York Stock Exchange, and a little less than 3 to 2 positive on Nasdaq. Up/down volume was 5 to 4 negative on New York, with total volume of 1.8 billion shares traded today. Nasdaq had a 14 to 11 positive ratio and traded 2.5 billion today. board, however, was mostly higher, with many point-plus gainers today. Leading the way today was 51job Inc. (JOBS), a current swing trade pick of ours, up 4.12 to 36.01. Fortinet Inc. (FTNT) advanced 2.20 to 25.00, Thor Industries Inc. (THO) 2.51 at 27.95, and Oracle Corp. (ORCL) 2.12 at 27.48, which we traded.

In addition, NetSuite Inc. (N) jumped 2.46 to 22.36, LogMeIn, Inc. (LOGM) 1.93 to 34.50, Mindspeed Technologies Inc. (MSPD) 1.21 to 8.71, Radware (RDWR) 1.78 to 36.43, Acme Packet, Inc. (APKT) 1.84 to 37.92, Keithley Instruments Inc. (KEI) 81 cents to 11.84, and Chelsea Therapeutics International Ltd. (CHTP) 94 cents to 5.06, a big percentage gain there, Globe Specialty Metals, Inc. (GSM) also had a big percentage move, up 1.27 to 13.79.

On the downside, the only point-plus losers on the board today were Apple Inc. (AAPL) down 1.20 to 275.37, Trina Solar Ltd. (TSL) down 1.13 to 26.81 and Goldman Sachs (GS) down 1.25 to 150.98.

So curiously enough, despite the fact that the indices were nominally higher today, market leaders Goldman Sachs and Apple were lower.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, fell just as sharply but held support, and then bounced. For the next several hours the indices backed and filled without being able to breakout above resistance or below support, and continued to consolidate into the close.

So, despite options expiration and a very strong week, the indices failed to back off and proved to be resilient today.

Good Trading!


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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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