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Strength Continues as S&P Tags New 2-Year Highs

Stock-Markets / Stock Markets 2011 Jan 27, 2011 - 02:27 AM GMT

By: Harry_Boxer


The stock market indices started off today with a gap up. They pulled back and tested support, and then took off, setting new S&P 500 highs just under 1300. Nasdaq 100 exploded to a high of 2321.22, and then pulled back in the morning, tested support successfully, and then ran up to the highs on several occasions. It backed and filled all day, but could not get through, and then rolled over in the last 10 minutes.

Still, they ended up positive on the day, with the Dow up 8.25 to 11,985.44, having reached 12,020 at one point. The S&P 500, which had been as high as 1295.74, closed up 5.45 at 1296.63. The Nasdaq 100 backed off 7 points from its high, closing up 10.16 at 2314.19.

Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange, and about 3 to 1 positive on Nasdaq. Up/down volume was just better than 3 to 2 positive on New York on total volume right at 1 billion. Nasdaq traded just 2 billion shares and had a little more than a 2 to 1 positive volume ratio.

Charts of the Day:

Tonight's charts include: AUDC, FTK, ICGN, LCRY, NXPI, PSTI, SGI, and UCTT.

Reviewing our Watchboard: board was very active and mostly higher today. There were many point-plus gainers, including Baker Hughes Incorporated (BHI) up 3.68 to 66.00, Polypore International Inc. (PPO) up 2.62 to 47.49, Allegheny Technologies Inc. (ATI) up 6.86 to 65.26, DeVry, Inc. (DV) up 5.98 to 53.36, and Keynote Systems Inc. (KEYN) up 4.20 to 19.18.

Among other stocks of note, Fortinet Inc. (FTNT) advanced 5.73 to 39.65, Buckeye Technologies Inc. (BKI) 4.00 to 25.11, Cognex Corp. (CGNX) 1.54 to 32.06, Motricity, Inc. (MOTR) 1.45 to 19.07, National Instruments Corporation (NATI) 5.22 to 44.70, SinoCoking and Coke Chemical Industries, Inc. (SCOK) 46 cents to 12.22, Silicon Graphics International Corp. (SGI) 63 cents to 10.56, and Spreadtrum Communications Inc. (SPRD) 1.06 to 20.18.

In addition, NXP Semiconductors NV (NXPI) was up 1.71 to 25.99, and Nanometrics Incorporated (NANO), one of our swing trades, up 1.14 to 17.63. Brigham Exploration Co. (BEXP) rose 1.36 to 26.91, AudioCodes Ltd. (AUDC) 51 cents to 7.40, Exelixis, Inc. (EXEL) 88 cents to 8.81, Cobalt International Energy, Inc. (CIE) 50 cents to 12.95, Greenbrier Companies (GBX) 1.11 to 24.03, ICAgen Inc. (ICGN) 52 cents to 3.14, Impax Laboratories Inc. (IPXL) 88 cents to 23.66, and LeCroy Corp. (LCRY) 60 cents to 13.45.

On the downside, Chipotle Mexican Grill, Inc. (CMG), a Boxer Short, lost 4.25 to 217.74. Inc. (AMZN) dropped 1.31 to 175.39, and Molycorp, Inc. (MCP) was down 1.04 to 45.85, as large caps remained mixed today.

Stepping back and reviewing the hourly chart patterns, the indices were up early in the morning, pulled back mid-morning, and then retested the highs on several occasions in the afternoon but couldn't get through, before rolling over in the last half hour to close off the highs. Still, they were up on the session with the S&P 500 tagging new 2-year highs today.

We'll see what occurs and whether we can get confirmation from the NDX, which we haven't gotten yet, and whether or not the rally can continue.

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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