Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stocks Unconvincing Up Session

Stock-Markets / Stock Index Trading Jun 11, 2009 - 08:11 PM GMT

By: Harry_Boxer

Stock-Markets The indices had a volatile session in that they were up in the morning, down mid-day, rallied back to new highs, and then rolled over in the last couple hours and gave back a chunk of the gains, but still ended up ahead on the day.


The S&P 500 managed to make nominal new 2009 highs, with the NDX doing so as well, but it still remained somewhat of an unconvincing day.

Net on the day the Dow closed at 8770.92, up 31.90, but traded more than 100 points higher during the day. The S&P 500 closed at 944.89, up 5.74, which was 12 points off its high, and the Nasdaq 100 ended at 1497.01, up 1.47, 14 points off its high. So the NDX gave back a chunk of its gains, and that was mostly due to the fact that the Philadelphia Semiconductor Index (SOXX) was down 3.46, the only index on our board that was down today.

The technicals, however, managed to remain more than 3 to 2 positive on advance-declines on New York and nearly 2 to 1 positive on Nasdaq. Up/down volume was just under 2 to 1 positive on New York, but total volume was light, under 1.2 billion. Nasdaq traded about 2.3 billion and had a 7 to 4 positive volume ratio.

TheTechTrader.com board was evenly mixed. Palm Inc. (PALM) had a big day today, up 1.44 at 13.43. Aluminum Corp. of China (ACH) was up 1.10 to 28.08, an 11-month high. iShares MSCI Brazil Index ETF (EWZ) gained 2.03 to 57.95, and the iShares FTSE/Xinhua China 25 Index (FXI) added 95 cents at 40.12.

The U.S. Oil Fund ETF (USO), with oil over $73, reached 40 at its high, closing at 39.68, up 71 cents.

The UltraShort Real Estate ProShares (SRS) at 19.25 was up 73 cents.

Mosaic (MOS) was the only other stock on our board up more than a point. Bank of America (BAC) gained 99 cents to 12.97 in a generally mixed financial sector.

Reviewing some of our portfolio positions, China Green Agriculture (CGA) bounced back 68 cents to 8.10. Brigham Exploration (BEXP) jumped 40 cents to a new multi-month at 4.26. Oculus Innovative Sciences (OCLS) gained 17 cents to 4.79, and Patriot Coal (PCX) added 55 cents to 9.67. A new one we added today, 3Par (PAR), was up 47 cents to 11.46.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down mid-day, back up in early afternoon, and then rolled over to close near the lows for the day on the Nasdaq 100 and not far from it on the SPX. So it was a disappointing finish, as the early afternoon breakout to new 2009 highs failed to get a positive follow-through and they rolled over, particularly in the last 45 minutes or so.

We'll see how it goes tomorrow, but the indices, even though they had minor breakout, technically still remain in a 3-week consolidation pattern.

Good trading!

Harry

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) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . 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 http://www.thetechtrader.com

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

© 2005-2022 http://www.MarketOracle.co.uk - 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