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Stock Market FOMC Volatile Session Closes Near Unchanged

Stock-Markets / Stock Markets 2010 Sep 22, 2010 - 03:11 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleThe stock market indices had a very volatile day, especially after the FOMC announced that they kept rates unchanged. The morning was spent with the indices moving back and forth on the Nasdaq 100, holding support. The S&P 500 kept moving steadily lower in a down channel until the FOMC report.

At that point they dipped, exploded to new highs across 2000 on the NDX, to just under 2003, and the S&P 500 ran to 1148.60. Then they rolled over hard to new session lows on the NDX, holding just above the early lows on the SPX, and then bounced in the last 20 minutes into the close, which left them near flat on the day.

Net on the day, the Dow was up just 7.41 at 10,761.03, with a high of 10,833. The S&P 500 was down 2.93 at 1139.78, and got as high as 1148.59. The Nasdaq 100 was down 0.32 at 1989.11, after getting to just under 2003, reversing all of its profits from earlier.

Advance-declines were nearly 2 to 1 negative on the New York Stock Exchange, and about 3 to 2 negative on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of just under 1.2 billion shares traded today. Nasdaq had about a 4 to 3 negative ratio on total volume of just over 2 billion today.

Charts of the Day:

HealthSpring Inc. (HS) has been moving along nicely as of late. It recently surged out above resistance, formed a little flag, and today popped 93 cents on solid volume with strong technicals. It looks like this stock has more to go. You can see it's moving across a long 3-year head-and-shoulders type bottom, which could support a major move here. Short-term target around 25 should be met very shortly. A takeout of that level may warrant a move to the high 20s.

IDT Corporation (IDT), which has been in a beautiful rising channel for the last two years, spent the last couple months in a wedge-type pattern. Today may have been significant in that the red trading range of the last two weeks has been broken with a thrust in volume. The stock jumped 1.04, or 6.4%, and it appears to me that it may be headed to a retest of the 19 1/2-3/4 zone, which was the double-top in July and Aug. A move through that area and we can see this stock in the mid 20s.

Nxstage Medical, Inc. (NXTM), which has been in a nice rising channel for the last year, broke out of a double-top, almost triple-top, range yesterday and followed through nicely today. Looks like this stock may be headed to the 20 1/2 - 21 zone, my short-term trading target at the top of the channel.

QuickLogic Corp. (QUIK), which has been thrusting for the last four or five sessions, met resistance and backed off two days ago, broke through late yesterday, and today followed through nicely. It closed at or just slightly above the trading target at 4.40-.45, finishing at 4.48, just 2 cents off the high, up 13.4% today on more than 1 million shares. At this point it looks like it may be headed for a run at the 8.00 range on an intermediate basis, but we'll call 6.00 our short-term target.

Reviewing our Watchboard: board was mostly lower, but there were some outstanding stocks on the upside. IDT Corporation (IDT), a swing trade pick of ours today, noted above in our Charts of the Day, gained 1.00 to 17.28. JinkoSolar Holding Co., Ltd. (JKS) jumped 1.39 to 30.81, and Green Mountain Coffee Roasters Inc. (GMCR) 1.03 to 37.00.

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

Other stocks of note on the upside were swing trade pick VirnetX Holding Corp (VHC), up 30 cents to 12.60, with the high today of 13.04. Amtech Systems Inc. (ASYS) was up 36 cents to 15.81, and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 44 cents to 27.54.

It was mixed picture on our board today.

On the downside the only point-plus losers were Acme Packet, Inc. (APKT), down 1.20 to 37.60, and Radware Ltd. (RDWR), off 1.10 to 35.71. There were quite a few fractional losers today.

Stepping back and reviewing the hourly chart patterns, the indices had a mixed picture with a flat close, which is interesting after yesterday's spike up and then the post-FOMC rally today.

We'll see if the indices can maintain these lofty levels. Key support at 1980 NDX and 1135 on the S&P 500 will be watched carefully to see if they can hold the line tomorrow.Good trading!

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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