Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
UK Covd-19 FREE Lateral Flow Self Testing Kits How Use for the First Time at Home - 10th Apr 21
NVIDIA Stock ARMED and Dangeorus! - 10th Apr 21
The History of Bitcoin Hard Forks - 10th Apr 21
Gold Mining Stocks: A House Built on Shaky Ground - 9th Apr 21
Stock Market On the Verge of a Pullback - 9th Apr 21
What Is Bitcoin Unlimited? - 9th Apr 21
Most Money Managers Gamble With Your Money - 9th Apr 21
Top 5 Evolving Trends For Mobile Casinos - 9th Apr 21
Top 5 AI Tech Stocks Investing 2021 Analysis - 8th Apr 21
Dow Stock Market Trend Forecast 2021 - Crash or Continuing Bull Run? - 8th Apr 21
Don’t Be Fooled by the Stock Market Rally - 8th Apr 21
Gold and Latin: Twin Pillars of Western Rejuvenation - 8th Apr 21
Stronger US Dollar Reacts To Global Market Concerns – Which ETFs Will Benefit? Part II - 8th Apr 21
You're invited: Spot the Next BIG Move in Oil, Gas, Energy ETFs - 8th Apr 21
Ladies and Gentlemen, Mr US Dollar is Back - 8th Apr 21
Stock Market New S&P 500 Highs or Metals Rising? - 8th Apr 21
Microsoft AI Azure Cloud Computing Driving Tech Giant Profits - 7th Apr 21
Amazon Tech Stock PRIMEDAY SALE- 7th Apr 21
The US has Metals Problem - Lithium, Graphite, Copper, Nickel Supplies - 7th Apr 21
Yes, the Fed Will Cover Biden’s $4 Trillion Deficit - 7th Apr 21
S&P 500 Fireworks and Gold Going Stronger - 7th Apr 21
Stock Market Perceived Vs. Actual Risks: The Key To Success - 7th Apr 21
Investing in Google Deep Mind AI 2021 (Alphabet) - 6th Apr 21
Which ETFs Will Benefit As A Stronger US Dollar Reacts To Global Market Concerns - 6th Apr 21
Staying Out of the Red: Financial Tips for Kent Homeowners - 6th Apr 21
Stock Market Pushing Higher - 6th Apr 21
Inflation Fears Rise on Biden’s $3.9 TRILLION in Deficit Spending - 6th Apr 21
Editing and Rendering Videos Whilst Background Crypto Mining Bitcoins with NiceHash, Davinci Resolve - 5th Apr 21
Why the Financial Gurus Are WRONG About Gold - 5th Apr 21
Will Biden’s Infrastructure Plan Rebuild Gold? - 5th Apr 21
Stocks All Time Highs and Gold Double Bottom - 5th Apr 21
All Tech Stocks Revolve Around This Disruptor - 5th Apr 21
Silver $100 Price Ahead - 4th Apr 21
Is Astra Zeneca Vaccine Safe? Risk of Blood Clots and What Side Effects During 8 Days After Jab - 4th Apr 21
Are Premium Bonds A Good Investment in 2021 vs Savings, AI Stocks and Housing Alternatives - 4th Apr 21
Penny Stocks Hit $2 Trillion - The Real Story Behind This "Road to Riches" Scheme - 4th Apr 21
Should Stock Markets Fear Inflation or Deflation? - 4th Apr 21
Dow Stock Market Trend Forecast 2021 - 3rd Apr 21
Gold Price Just Can’t Seem to Breakout - 3rd Apr 21
Stocks, Gold and the Troubling Yields - 3rd Apr 21
What can you buy with cryptocurrencies?- 3rd Apr 21
What a Long and Not so Strange Trip it’s Been for the Gold Mining Stocks - 2nd Apr 21
WD My Book DUO 28tb Unboxing - What Drives Inside the Enclosure, Reds or Blues Review - 2nd Apr 21
Markets, Mayhem and Elliott Waves - 2nd Apr 21
Gold And US Dollar Hegemony - 2nd Apr 21
What Biden’s Big Infrastructure Push Means for Silver Price - 2nd Apr 21
Stock Market Support Near $14,358 On Transportation Index Suggests Rally Will Continue - 2nd Apr 21
Crypto Mine Bitcoin With Your Gaming PC - How Much Profit after 3 Weeks with NiceHash, RTX 3080 GPU - 2nd Apr 21
UK Lockdowns Ending As Europe Continues to Die, Sweet Child O' Mine 2021 Post Pandemic Hope - 2nd Apr 21
A Climbing USDX Means Gold Investors Should Care - 1st Apr 21
How To Spot Market Boom and Bust Cycles - 1st Apr 21
What Could Slay the Stock & Gold Bulls - 1st Apr 21
Precious Metals Mining Stocks Setting Up For A Breakout Rally – Wait For Confirmation - 1st Apr 21
Fed: “We’re Not Going to Take This Punchbowl Away” - 1st Apr 21
Mining Bitcoin On My Desktop PC For 3 Weeks - How Much Crypto Profit Using RTX 3080 on NiceHash - 31st Mar 21
INFLATION - Wage Slaves vs Gold Owners - 31st Mar 21
Why It‘s Reasonable to Be Bullish Stocks and Gold - 31st Mar 21
How To Be Eligible For An E-Transfer Payday Loan? - 31st Mar 21
eXcentral Review – Trade CFDs with a Customer-Centric Broker - 31st Mar 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Stock Market Negative Start Gives Way to Positive Up-day

Stock-Markets / US Stock Markets Feb 06, 2009 - 02:21 AM GMT

By: Harry_Boxer


The markets actually had a positive up-day, although they started off very negatively.

The day started out with pre-market futures sharply lower. They gapped down and went sharply lower in the first 20-30 minutes and ended the decline at what turned out to be their session lows, holding 1200 support on the Nasdaq 100 and 820 on the S&P 500.

A quick retest was successful, and then they took off, with the NDX running from 1201 to 1235 in the next hour, and the S&P jumping from 820 to 840. They backed and filled for a bit in what looked like a rising flags, and sure enough exploded out of those flags to reach 1250 NDX and 850 S&P by just before noon. During the lunch hour they backed and filled and consolidated, and after lunch tried to rally, retested the highs, but couldn't punch through, and then backed off sharply. Support held, and they bounced again in the last hour to close positively on the session.

Net on the day the Dow was up 106.41, to close back over 8000 at 8063. The S&P 500 was up 13.62 at 845.85, and the Nasdaq 100 was up nearly 30 at 1245.11. The Philadelphia Semiconductor Index (SOXX) advanced 8.56, a gain nearly 4 percent.

The technicals were very positive by nearly 2 to 1 on advance-declines on both New York and Nasdaq. Up/down volume, however, was almost 3 to 1 positive on New York on total volume of 1.6 billion. So volume increased today. Nasdaq traded almost 2 1/2 billion and had more than 5 to 1 positive volume ratio.

So, a very upbeat day on the Street, and the afternoon consolidation did well to fortify the pattern for tomorrow. board was generally positive, with many point-plus gainers. The agriculture stocks led the way with Potash (POT) up 6.48 to 85.92. CF Holdings (CF) was up 1.55 to 52.44, Agrium (AGU) up 1.73 to 36.12, and Mosaic (MOS) up 2.35 to 41.35.

Shippers had a mixed session, rallying early, only to give a lot of it back. DryShips (DRYS) closed down 73 cents at 6.43, after reaching 7.38 on 7.6 million. Excel Maritime (EXM) dropped 38 cents 7.60, after reaching as high as 8.25. Genco Shipping (GNK), a new one we're following which we added to our portfolio today, closed near unchanged at 18.71, after being as low as 17.55 earlier in the session.

Other stocks of note, Apple (AAPL) was up 2.91 to 93.46, and Research in Motion (RIMM) advanced 84 cents to 56.80.

Financials were positive after a very weak start. They reversed sharply, which helped the market rally today. JP Morgan (JPM) was up 50 cents to 24.54, Morgan Stanley (MS) up 1.18 to 23.19. Wells Fargo (WFC), despite ending down 1.18, was more than 1.50 off its low. Similarly, Bank of America (BAC) got down to 3.77 but closed at 4.84, more than a $1 reversal, up 14 cents on the day, on 3/4 billion shares traded today.

Cree Inc. (CREE) advanced 75 cents to 21.26, and portfolio position DGIT at 14.57 was up 65 cents. Sequenom (SQNM) reversed sharply from a low of under 16 this morning to close at 17.11, up 18 cents on the day, and Aerovironment (AVAV) was up 2.59 at 38.84.

The other point-plus gainers were among the ETFs, with the iShares MSCI Brazil Index ETF (EWZ) up 1.42 to 38.04, the Ultra Oil & Gas ProShares (DIG) up 1.33 to 29.02, and the Direxion Large Cap Bull 3X Shares (BGU), a portfolio position, was up 1.49 to 29.42.

On the downside, the ultrashort instruments got hammered, with the Direxion Financial Bear 3x Shares (FAZ) dropping from an early high of nearly 60 to under 48, and closed at 50.85, down 3.43, a big negative reversal there. Likewise, the Direxion Large Cap Bear 3X Shares (BGZ) dropped from 71 to 63.45, closing just under 65, down 3.06.

Stepping back and reviewing the hourly chart patterns, after an early drop the indices exploded, and then backed and filled in the afternoon to consolidate, but ended with a nicely positive session, which augurs well for the bulls. However, despite the fact the Nasdaq 100 made nominal new 4-week highs, the S&P 500 is far from it and in danger of setting up a negative divergence, which could thwart progress in the indices. We'll see what tomorrow brings, as some key economic reports may affect trading.

Good trading!


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 . 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

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

© 2005-2019 - 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

6 Critical Money Making Rules