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Stock Market Consolidates Ahead of Bailout Plan News

Stock-Markets / US Stock Markets Feb 09, 2009 - 05:30 PM GMT

By: Harry_Boxer

Stock-Markets The indices had a consolidation day ahead of tomorrow's release of the details of the bailout plan. The day started out with a move down that held support. They then rallied to new 3 day rally highs, and backed and filled in a downward slope until mid-afternoon when they tested the lows. That was successful, and then they bounced back into the positive side on the S&P 500 and Nasdaq 100 by the end of the day, but drifted lower in the last 20-30 minutes.


Net on the day it was a mixed session with the Dow down just 9.72, the S&P 500 up 1.29, and the Nasdaq 100 up 4.16. The Philadelphia Semiconductor Index (SOXX) was down 1.37.

Advance-declines were positive by about 270 issues on New York and negative by about 250 issues on Nasdaq. Up/down volume was 6 to 5 positive on New York on lighter total volume of just under 1 1/4 billion. Nasdaq traded about 1.87 billion and with just a slight edge to the positive side in terms of the volume ratio.

TheTechTrader.com board was mixed. On the plus side, Apple (AAPL) had an excellent day, reaching up near its December rally high, tagging 103 today, closing at 102.51, up 2.79 on 25 million.

Portfolio position Energy Conversion Devices (ENER) released earnings. The initial reaction was a move down below 24, but the stock closed at 28.16, up 2.41, a very bullish reversal on 6.4 million.

Hartford Financial Services (HIG) on some positive results closed up 2.35 to 15.03 on 31 million.

A new model portfolio position we added today, Central European Media (CETV), closed at 9.24, up 1.04 on 1.7 million.

Financials were generally strong, with Bank of America (BAC) reaching over 7, closing at 6.89, up 76 cents on 457 million. Morgan Stanley (MS) closed up 74 cents at 23.61, but JP Morgan (JPM) was down 35 cents at 27.28.

Aluminum Corp. of China (ACH) was up 77 cents to 14.48, and the Direxion Financial Bull 3x Shares (FAS) was up 42 cents to 11.13.

On the downside, the Direxion Financial Bear 3x Shares (FAZ) dropped 1.50. In the agriculture sector CF Holdings (CF) dropped 1.19, and Potash (POT), after being up as much as 5 earlier, reversed to close down 2.10 to 89.10. Sequenom (SQNM) dropped to 17.66, down 81 cents.

Stepping back and reviewing the hourly chart patterns, the indices went back and forth, vacillated and consolidated ahead of tomorrow's bailout details. The indices at today's highs were a tad overbought and at the Jan rally highs resistance levels & that leaves them at KEY points in the trend.

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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