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Stock Indices Close with a Bang!

Stock-Markets / Stock Index Trading Oct 23, 2009 - 02:04 AM GMT

By: Harry_Boxer

Stock-Markets

The indices ended with a bang on Thursday, but they started out much differently.

The indices dropped sharply at the opening and went to new pullback lows. They were short-term oversold at that point, at key trendline support on the Nasdaq 100 and just below key initial support on the S&P 500. They rallied back in a 5-wave advance, with the 5th wave being the sharpest that took the indices to key overhead resistance, only backing off in the last half hour.


Net on the day the Dow was up 131.95 at 10081.31, the S&P 500 up 11.51 to 1092.91, and the Nasdaq 100 up 9.59 to 1763.15.

Advance-declines were about 2 to 1 positive on New York and about 5 to 3 positive Nasdaq. Up/down volume was 3 to 1 positive on New York on total volume of 1.3 billion. Nasdaq traded 2 1/4 billion and had a better than 2 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher, with many point-plus gainers. Leading the way was the Direxion Financial Bull 3x Shares (FAS), up 6.28 to 87.12.

American International Group (AIG) jumped 2.46 to 41.49, Goldman Sachs (GS) 4.43 to 183.69, Wells Fargo (WFC) 1.27 to 30.17, and JP Morgan (JPM) 1.06 to 45.71.

Good trading!

Harry

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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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