Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Follow Through on Last Week's Rally

Stock-Markets / Stock Markets 2010 Sep 21, 2010 - 04:47 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleThe stock market indices started the week off with a bang and followed through brilliantly on last week's rally, gapping up from the get-go and exploding early on short covering. They consolidated mid-day, and then ran again hard in the afternoon, as the Nasda 100 had two rallies of more than 20 points during the session and the S&P 500 had two rallies of more than 12 points. Only a last 5-minute pullback prevented them from closing on the highs for the day.

Net of the day, the Dow was up 145.77 at 10,753.62, about 21 points off its high, but still up substantially today. The S&P 500 was up 17.12 at 1142.71, just 2 points off its high. The Nasdaq 100 was up 33.60 at 1989.43, about 3 points off its high.

Advance-declines were a little less than 5 to 1 positive on the New York Stock Exchange and about 4 to 1 positive on Nasdaq. Up/down volume was 12 to 1 positive on New York on light total volume of under 950 millions shares traded today. Nasdaq managed to trade just under 2 billion shares, and had about a 5 to 1 positive ratio on advancing volume over declining volume.

So, it was a strong day price-wise, with technicals confirming.

Charts of the Day:

Infinera Corp. (INFN), after popping in July and moving back down in a 4-week declining channel, broke out and has moved up steadily since the beginning of the month. It is up from about 8 1/2 to 12 in just the last 2 1/2 weeks, and just reached our short-term trading target today as well at 12.00. Secondary target around 14 1/2.

McMoRan Exploration Co. (MMR) had a significant day today, breaking out of this 2-2 1/2 week flag, popping on heavy volume of 8.3 million shares, the biggest volume in the last month. It sure looks like this stock may be headed toward my target at 18 1/2-3/4. Beyond that the target is around 20.

TPC Group Inc (TPCG) followed through nicely from Friday's gains, up another 1.23 today. It got up to the resistance, or target zone, around 21 1/4. If this breaks out, we can see the stock spike into the high 20s, my next trading target.

VirnetX Holding Corp (VHC) is in a similar pattern, having broken out of a coil. But this one has accelerated rapidly from 6 1/2 to 12 1/4 in the last 2 1/2 weeks, nearly doubling. Today it broke out of a little wedge, and looks like it could be headed toward 15, my next trading target.

Reviewing our Watchboard: board, as a result, was substantially higher. Leading the way today was Apple Inc. (AAPL), up 7.86 to 283.23, and Inc. (AMZN), up 2.98 to 151.30.

Other point-plus gainers of note were Allied Nevada Gold Corp. (ANV), one of our Top 25, up 1.38 to 27.44. CommVault Systems, Inc. (CVLT) on continuing take-over rumors was up 1.02 to 28.03. McMoRan Exploration Co. (MMR), which we traded today and is also a recent swing trade pick, advanced 1.39 to 15.96 on heavy volume today. VirnetX Holding Corp (VHC), also a swing trade pick, gained 1.23 to 12.30.

In addition, Hornbeck Offshore Services, Inc. (HOS) was up 1.38 to 18.95, NetSuite Inc. (N) up 1.74 to 24.10, and the Direxion Daily Financial Bull 3X Shares (FAS) up 1.24 to 23.38.

Among large fractional gainers, Acme Packet, Inc. (APKT) joined the party, up 89 cents to 38.80. Sourcefire, Inc. (FIRE) jumped 43 cents to 29.86, Finisar Corp. (FNSR) 64 cents to 18.17, Goldman Sachs (GS) 92 cents to 151.90, Mindspeed Technologies Inc. (MSPD) 56 cents to 9.27, Nanometrics Incorporated (NANO) 84 cents to 13.86, and Polypore International Inc. (PPO) 87 cents to 29.76.
Further, Spreadtrum Communications Inc. (SPRD) had a terrific session, up 93 cents to 13.50.

On the downside, small fractional losers included Cree Inc. (CREE) down 60 cents to 50.60, continuing weak action, and Trina Solar Ltd. (TSL) down 21 cents to 26.60.

The ultra-short ETFs got hammered, with the Direxion Daily Small Cap Bear 3X Shares (TZA) down 2.46 to 27.10, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 1.43 to 29.01, and the Direxion Daily Financial Bear 3X Shares (FAZ) 70 cents to 12.42, a new 4-month low.

Stepping back and reviewing the hourly chart patterns, two strong rallies today were interrupted by a mid-session consolidation and ended up yielding a very strong way to start the week, as the indices continue to spike up to what apparently may be an important high in this time frame.

We'll see going forward, as no indication of a top is in yet. In fact, today's breakout above key resistance on the S&P 500 above 1130-31 was an important technical session for the bulls.

Good Trading!


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 . 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

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 - 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