This resilient market continues to act well. Despite losses in the morning, it came on in the afternoon in a strong 3-wave rally, took out the rally highs and were at the session highs with about 15 minutes to go, but rolled over into the close to end mixed on the day.

Net on the day the Dow was down 27, the S&P 500 up nearly 2, and the Nasdaq 100 down 3.6. The Philadelphia Semiconductor Index (SOXX) fell 3.8.

The technicals were positive by about 5 to 3 on advance-declines on New York but nearly dead-even flat on Nasdaq. Up/down volume was better than 2 to 1 positive on New York on total volume of more than 1.4 billion. Nasdaq traded just under 1 3/4 billion and had a slight plurality to the downside by 50 million shares.

TheTechTrader.com board was mixed, with financials among the leaders. Goldman Sachs (GS) rose 6.27 to 130.60 on 33.3 million, Morgan Stanley (MS) up 1.55 to 26.90 on 42 1/2 million, JP Morgan (JPM) up 95 cents to 33.70 on 109 million. Hartford Financial Services (HIG) advanced 76 cents to 11.56 on 22 million. General Electric (GE) rose 80 cents to 12.13 on 190 million. Bank of America (BAC) gained 1.47 to 11.02 on 675 million. Wells Fargo (WFC) was down a nickel at 19.56 on 173 million.

Other point-plus gainers included some of the agriculture stocks. Potash (POT) at 88.01 was up 2.51, and Agrium (AGU) was up 1.06 to 39.53. Mosaic (MOS), however, at 44.25, fell 32 cents. Portfolio position AgFeed Industries (FEED) jumped 80 cents, or 33 percent today, closing at 3.21. Energy Conversion Devices (ENER) gained 78 cents to 15.80.

On the downside, the ultrashorts were mixed. The Direxion Financial Bear 3x Shares (FAZ) lost 1.23 to 9.26 and closed below the Direxion Financial Bull 3x Shares (FAS) for the first time. The FAS at 9.75 was up 1.04, which reaching as high as 10.05 on 325 million. The UltraShort Financial ProShares (SKF) was down 4.96 to 59.72, the UltraShort Real Estate ProShares (SRS) down 1.42 to 39.47, and the U.S. Oil Fund ETF (USO) down 1.01 to 29.68, as oil backed off.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up in the afternoon and closed mixed on the day. Despite touching new 5-week highs, they backed off in the last 15 minutes to take the luster off the afternoon rally.
Good trading!

Harry

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