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Big Day for the Stock Market Bulls

Stock-Markets / Stock Markets 2010 Oct 06, 2010 - 05:00 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleIt was nearly a perfect session for the bulls today as the stock market indices gapped up at the opening, ran steadily all morning, slowed down the ascent, but continued to rise into late in the session and were near their session highs with less than a half hour to go before a little bit of a pullback chipped off a small chunk of the gains. Still, it was a very big day.

Net of the day, the Dow was up 193.45 to 10,944.72, the S&P 500 up 23.71 to 1160.74, and the Nasdaq 100 up 49.30 to 2024.63.

Advance-declines were better than 4 to 1 positive on the New York Stock Exchange and 4 1/2 to 1 positive on Nasdaq. Up/down volume was about 15 to 1 positive on New York, with total volume at about 1.25 billion shares. Nasdaq traded more than 2.1 billion today and had almost a 7 to 1 positive ratio.

So, the technicals cooperated today, with advancing volume heavier than recently. It was a significant session for the bulls as trend line, price and moving average resistance were all taken out in one fell swoop.

Charts of the Day:

Amtech Systems Inc. (ASYS), in strong steady rising channel, broke out of a coiling base pattern in July, got a price-volume surge which triggered its move, stair-stepped its way higher, and after consolidating for the last 6 or 7 sessions popped 1.59, or 9%, today on the strongest volume in a couple weeks. Looks to me like it is headed toward our 22 -23 target.

Ebix Inc. (EBIX) is looking very attractive, up another point today, following through after breaking out of a 3-day flag yesterday. Volume picked up, as did technicals. Looks like it is headed for my trading target up around 28, and beyond that something in the mid-30s.

IDT Corporation (IDT) is bubbling under here, consolidating nicely today, up 81 cents. If it gets through 18 1/2, then we have 19.70 to worry about, but beyond that the stock has a chance to move into the mid-to-low 20s.

VirnetX Holding Corp (VHC), which just keeps motoring along, was up another 1.75, or 10.5% today. It has now moved from 6.25 to 18.62 in 5 weeks, more than tripling. It may be ahead of itself here, although heavy volume at this level near the top of the short-term channel and above the top of the long-term rising channel indicates to me that this is a blow-off stage, so be careful with this one.

Reviewing our Watchboard:

All the stocks on board were up today except for the ultra-shorts, obviously. Leading the way was Apple Inc. (AAPL), up 10.30 to 288.94. Goldman Sachs (GS) gained 3 to 149.57, and Inc. (AMZN) was up 5.48 to 160.87.

Other point-plus gainers of note included VirnetX Holding Corp (VHC), a swing trade pick, up 1.75 to 18.55 on 5.5 million shares. Polypore International Inc. (PPO), one of our Top 20 members, advanced 1.78 to 31.26.

In addition, Radware Ltd. (RDWR) gained 1.16 to 34.58, LogMeIn, Inc. (LOGM) 1.28 to 36.29, and Cree Inc. (CREE) 1.86 to 54.15. Amtech Systems Inc. (ASYS), a recent swing trade pick, was up 1.59 to 18.90, and Brigham Exploration Co. (BEXP), another swing trade, 1.07 to 19.99. Acme Packet, Inc. (APKT) joined the party, up 1.07 to 37.98.

Among the ultra ETFs, the Direxion Daily Financial Bull 3X Shares (FAS), was up 1.31 to 22.75.

The ultra-short ETFs got hammered today, as the Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 2.30 to 24.36, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 1.34 to 24.53, iPath S&P 500 VIX Short-Term Futures ETN (VXX) 94 cents to 16.44, and the Direxion Daily Financial Bear 3X Shares (FAZ) 82 cents to 12.47.

Stepping back and reviewing the hourly chart patterns, it was pretty much all upside today, as the indices, which were very close to potentially rolling over and taking out support, surprised and reversed direction, went north and blew out the shorts 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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