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
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24
Bitcoin Trend Forecast, Crypto's Exit Strategy - 31st May 24
Zimbabwe Officials Already Looking to Inflate New Gold-Backed Currency - 31st May 24
India Silver Imports Have Already Topped 2023 Total - 31st May 24
Gold Has Done Its Job – Isn’t That Enough? - 31st May 24
Gold Stocks Catching Up - 31st May 24
Time to take the RED Pill - 28th May 24
US Economy Slowing Slipping into Recession, But Not There Yet - 28th May 24
Gold vs. Silver – Very Important Medium-term Signal - 28th May 24
Is Gold Price Heading to $2,275 - 2,280? - 28th May 24
Stocks Bull Market Smoking Gun - 25th May 24
Congress Moves against Totalitarian Central Bank Digital Currency Schemes - 25th May 24
Government Tinkering With Prices Is Like Hiding All of the Street Signs - 25th May 24
Gold Mid Tier Mining Stocks Fundamentals - 25th May 24
Why US Interest Rates are a Nothing Burger - 24th May 24
Big Banks Are Pressuring The Fed To Losen Protection For Depositors - 24th May 24
Another Bank Failure: How to Tell if Your Bank is At Risk - 24th May 24
AI Stocks Portfolio and Tesla - 23rd May 24
All That Glitters Isn't Gold: Silver Has Outperformed Gold During This Gold Bull Run - 23rd May 24
Gold and Silver Expose Stock Market’s Phony Gains - 23rd May 24
S&P 500 Cyclical Relative Performance: Stocks Nearing Fully Valued - 23rd May 24
Nvidia NVDA Stock Earnings Rumble After Hours - 22nd May 24
Stock Market Trend Forecasts for 2024 and 2025 - 21st May 24
Silver Price Forecast: Trumpeting the Jubilee | Sovereign Debt Defaults - 21st May 24
Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! - 19th May 24
Important Economic And Geopolitical Questions And Their Answers! - 19th May 24
Pakistan UN Ambassador Grows Some Balls Accuses Israel of Being Like Nazi Germany - 19th May 24
Could We See $27,000 Gold? - 19th May 24
Gold Mining Stocks Fundamentals - 19th May 24
The Gold and Silver Ship Will Set Sail! - 19th May 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Rally Remains Resilient

Stock-Markets / Stock Index Trading Mar 27, 2009 - 01:07 AM GMT

By: Harry_Boxer

Stock-Markets The indices had another very strong session and continue to act resiliently as the rally extends to 2 1/2 weeks. Yesterday's intraday sharp sell-off and late rally carried over as the indices gapped up at the opening, pulled back and retested the gap but held, and then the rally was on. They moved in a steady chop higher until mid-session when they finally pulled back, retested, but held support mid-afternoon. That resulted in a late snapback to close them near the highs for the day.


Net on the day the Dow was up 175 to 7924.56, the S&P 500 nearly 19 to 832.86, and the Nasdaq 100 up 44.64 to 1281.30. The Philadelphia Semiconductor Index (SOXX) jumped 13.68 to 245.17.

Advance-declines were 4 to 1 positive, with 2441 to 614, on New York, and even more than that on Nasdaq, at 2256 to 521.

Up/down volume was very strong as well, with 1.3 billion and 480 million down on New York, a more than 2 ½ to 1 ratio, on total volume of a hefty 1.8-plus billion. Nasdaq traded over 2.6 billion, with 2.49 billion to the upside, a more than 17 to 1 positive volume ratio.

TheTechTrader.com board a result was very strong, with multiple-point gainers abounding. Leading the way was Potash (POT), up 5.78 to 89.30. in that same group, Mosaic (MOS) at 48.20 was up 2.73, and Agrium (AGU) moved up 66 cents to 39.90.

Apple (AAPL) was up 3.38 to 109.87, and Best Buy (BBY) up 4.21 to 37.66 on an excellent earnings report.

Solar energy stocks had a strong session on word of support from China. SunPower (SPWR) was up 2.64 to 26.68, yet that was $3 off is high. Energy Conversion Devices (ENER) jumped 1.89 to 16.45, and that was a point off its high. Canadian Solar (CSIQ) was up 1.33 to 6.16 on 4 million, trading as high as 6.40 at one point.

Chart of the Day American Italian Pasta (AIPC) gained 1.71 to 35.08. The iShares FTSE/Xinhua China 25 Index (FXI) was up 1.52 to 30.16, and the Direxion Large Cap Bull 3X Shares (BGU) at 26.08 was up 1.68. The U.S. Oil Fund ETF (USO) closed at 32.02, up 81 cents.

Cree Inc.(CREE) was up 1.04 to 24.53, Amazon (AMZN) up 1.29 to 73.69, portfolio position Akamai (AKAM) up 92 cents to 20.35, and Aluminum Corp. of China (ACH) up 93 cents to 17.13.

Portfolio position DG FastChannel (DGIT) was up 28 cents to 19.20, reaching as high as 19.90, a new 6-month high.

General Electric (GE) gained 41 cents to 10.90. Portfolio position Net 1 Ueps Technologies (UEPS) was up 96 cents to 15.63.

On the downside, the UltraShort Real Estate ProShares (SRS) was down 3.10 to 50.38, and the Direxion Large Cap Bear 3X Shares (BGZ) fell 4.25 to 55.85. The Direxion Financial Bear 3x Shares (FAZ) lost 82 cents to 18.64.

Stepping back and reviewing the hourly chart patterns, the indices surged ahead, took out key overhead resistance, and kept going, closing at the highs for the day, extending the rally, which is now almost 1500 points off the lows on the Dow & 167 on the SPX in just 2 1/2 weeks.

They're very much extended and overbought (McClellan Oscillator +293), and I do expect this rally to end shortly, but momentum is strong and the trend has not been broken yet.

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