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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Financials Lead Stocks in Mixed Session

Stock-Markets / US Stock Markets Feb 11, 2009 - 05:39 PM GMT

By: Harry_Boxer

Stock-Markets The stock market did have some volatility on Wednesday, but the indices ended narrowly mixed. The day started out with a little move up off the opening followed by a sharp turnaround lower. They spiked down and made a new low on the Nasdaq 100, but did not on the S&P 500, which resulted in a snapback rally. But the rally failed at the 2 day declining tops lines, which resulted in a much sharper afternoon slide that took the market to the lows for the day with about an hour and a half to go.

At that point the NDX reached under 1210, and the S&P 500 retested yesterday's lows but held, also holding the rising bottoms trendline. When that occurred another sharp rally ensued, taking it back to the declining tops line and actually slightly through them. That was very brief, and then they came back down and took back about one-third to a half of the afternoon rally. A very late bounce helped preserve the profits.

Net on the day the Dow was up 50.65 to 7939, the S&P 500 up 6.57 to 833.73, and the Nasdaq 100 down 2.24 to 1227.05. The Philadelphia Semiconductor Index (SOXX) was down 2.22.

Advance-declines were positive by about 570 issues on New York and about 290 issues on Nasdaq. Up/down volume was 2 to 1 positive on New York on total volume of 1.3 billion. Nasdaq traded 2.15 billion and had about a 3 to 2 negative volume ratio. board was also mixed. Gainers included Agrium (AGU) up 1.02 on positive earnings. Financials snapped back from yesterday's losses, with JP Morgan (JPM) up 1.47 and Morgan Stanley (MS) at 22.91 up 2.12. Wells Fargo (WFC) advanced 1.15 to 17.50, Bank of America (BAC) was up 51 cents to 6.07, and Citigroup (C) gained 34 cents to 2.69.

As a result of the strength in financial stocks, the Direxion Financial Bull 3x Shares (FAS) closed up 86 cents to 8.99 on 89 million shares.

Other stocks of note, portfolio position Net 1 Ueps Technologies (UEPS) at 14.58 was up 60 cents, and Sequenom (SQNM) snapped back 23 cents to 16.90.

On the downside, shippers were under pressure all day, as GNK got hammed down to 15.27, before snapping back, closing at 16.17, still down 2.52 today on 4 million shares. We eliminated that from our model portfolio just three days ago near 22 1/2.

Agriculture stocks other than AGU were also weaker, with Potash (POT) down 2.87 to 85.00, CF Holdings (CF) down 1.39 to 72.21, and Mosaic (MOS) down 1.98 to 42.19.

So shippers and ags had a negative day, with financials positive.

Other stocks of note, Apple (AAPL) fell 1.01 to 96.82, and RIMM got hammered on lowered guidance and downgrades, down 8.28 to 48.76, on 81 million shares.

Stepping back and reviewing the hourly chart patterns, the indices continued their downward thrust from yesterday early on, and then made lower lows on the Nasdaq 100 in the afternoon. When that was not confirmed by the S&P 500, that resulted in a late snapback.

The indices managed to close just mixed and are still below resistance and in a new short term downtrend. We'll see what they can do tomorrow in terms of a follow through.

Good trading!


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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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