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
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Narrow, Losing Session

Stock-Markets / Stock Markets 2010 Sep 30, 2010 - 02:25 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices vacillated back and forth today, continued their consolidation, but held support while being repelled by resistance. Net on the day they were down a bit.

The day started out with a little bit of a gap down. They then bounced to retest the highs on the Nasdaq 100, but fell far short on the S&P 500. At that point 2000 support held on the NDX, as did 1140 on the SPX. They bounced again, but were unable to get back up to the early session highs on the NDX, although surpassed them on the SPX. They backed off mid-day, but in the early afternoon came on again only to fail at resistance and sell off over the course of the last 90 minutes. But in the last 30-35 minutes or so, they bounced again to pare back the losses.


Net of the day, the Dow was down just 22.86 to 10,835.28, the S&P 500 down 2.98 at 1144.72, and the Nasdaq 100 down 3.35 at 2009.08.

Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 14 to 12 positive on Nasdaq. Up/down volume was 5 to 4 negative on New York on total volume of just under 1 billion. Nasdaq traded just under 2 billion shares today and had about a 10 to 9 negative ratio as well.

In our Charts of the Day today we review some of our recent swing trade picks that we made in Trading Diary.

The first is Brigham Exploration Co. (BEXP), a favorite junior oil. After the big run up from 2 1/2 to 21 1/2, it peaked in May, came down, formed a coiling base pattern, broke out of this little mini head-and-shoulders pattern, spiked up four days ago, worked its way up higher, and today stuck its head out above lateral price resistance and closed up 60 cents on 4.4 million shares as volume picked up. Technicals are surging, with On-Balance Volume at the highest level since early August. It appears that this stock wants to make a move here, thrust out of its base, and move up to test the old highs around 21 1/4, my near-term trading target. Secondary target at the 24-25 zone.

Focus Media Holding Ltd. (FMCN) also is in an accelerating mode. Volume and technicals are surging, as is price obviously. The stock broke out across some key levels shown on the chart to break into new two-year high territory. There's a lot of resistance up in the 30-31 zone, our secondary target. Short-term trading target 24.

Gold Resource Corp (GORO), which is looking great, ran up in August and early Sept, flagged, and popped yesterday with a slight follow-through today. It looks like that if gold continues to roll, this stock could move into the low-to-mid 20s, our trading target.

Kandi Technologies, Corp (KNDI) broke out of its 9-month declining topsline and top of the channel today, as well as the 4-day flag, up 8 1/4%. The next target is 4 ½, which may be doable very shortly. If it does break that out, the next target beyond that will be the 5 1/4 level, and after that 6-6 1/2.

Reviewing our Watchboard:

TheTechTrader.com board was mostly higher, with quite a few stocks up a point or more. Leading the day today was Netflix, Inc. (NFLX), which exploded up 8.77 to 170.63, closing over 170 for the first time ever, a new all-time high.

Other high-tech stocks moving today were JinkoSolar Holding Co., Ltd. (JKS) up 2.18 to 31. 63, Cree Inc. (CREE) up 1.71 to 55.02, Blue Coat Systems Inc. (BCSI) up 1.38 to 24.68 on takeover rumors, and Radware Ltd. (RDWR) up 2.61 to 34.79 on takeover rumors as well.

In addition, Transocean Ltd. (RIG) was up 1.93 to 65.13, Trina Solar Ltd. (TSL) up 1.38 to 28.88 in a generally firm solar energy sector, and McMoRan Exploration Co. (MMR), a current swing trade pick, up 1.00 to 17.51. Nanometrics Incorporated (NANO), another swing trade pick, jumped 1.39 to 15.40, and Cirrus Logic Inc. (CRUS) 1.67 to 19.02.

Among fractional gainers, ADTRAN Inc. (ADTN) was up 93 cents to 34.77, Finisar Corp. (FNSR) up 90 cents to 19.25, and VirnetX Holding Corp (VHC), another current swing trade, 57 cents to 14.36.

On the downside, Green Mountain Coffee Roasters Inc. (GMCR), which had an SEC investigation, dropped 5.95 to 31.06. That was a major point-plus loser today. Everything else that was down on our board fell by just fractions.

Spreadtrum Communications Inc. (SPRD) was down 41 cents to 12.49, LogMeIn, Inc. (LOGM) 96 cents to 37.43, Goldman Sachs (GS) 59 cents to 144.42, Dendreon Corp. (DNDN) 57 cents to 41.30, and Amazon.com Inc. (AMZN) 71 cents to 158.99.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, back and forth mid-day, dropped sharply in the afternoon, but held support, and then snapped back into the close to pare back the losses.

Nevertheless, it was a losing session for the indices, but a narrow one.

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) 2010 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