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Stock Market Upside Follow Through

Stock-Markets / Stock Index Trading Dec 01, 2009 - 08:53 PM GMT

By: Harry_Boxer

Stock-Markets

The indices followed through on yesterday's late comeback rally and gapped up strongly early on, backed off and retested the gap successfully, and then came on and rallied strongly into the mid-afternoon before a last 90-minute rollover brought them off the highs.

Still net on the day the Dow was up 126.74 at 10,471,58, the S&P 500 up 13.23 to 1108.86, and the Nasdaq 100 up 20.28 at 1787.71.


Early in the session the indices challenged last week's and the monthly highs, but were unable to punch through. As a result, a rollover occurred, but still no technical damage was done and we'll see if the indices can extend the pullback or eventually break out. We'll be watching the 1110-12 resistance zone on the SPX and the 1800 level on the NDX.

Advance-declines were 4 to 1 positive on New York and 2 ½ to 1 positive on Nasdaq. Up/down volume was about 5 to 1 positive on New York on total volume of 1.1 billion. Nasdaq traded almost 2.1 billion and had a 4 to 1 positive volume ratio.

TheTechTrader.com board as a result was mostly higher. Point-plus gainers included Fuel System Solutions (FSYS) up 2.49 to 15.73, Sourcefire (FIRE) up 2.30 to 21.93, and American International Group (AIG) 2.44 to 30.84. The Direxion Large Cap Bull 3X Shares (BGU) was up 1.76 at 20.97.

China Automotive (CAAS), one of our Charts of the Day, was up 1.16 to 20.51, with a high of 22.13. Genco (GNK) added 1.72 to 25.20 in the shipping sector. SmartHeat (HEAT) had a very strong session, up 1.73 at 14.95.

Other stocks of note, Vision Sciences (VISN) jumped 82 cents to 10.04, China Green Agriculture (CGA) 57 cents to 16.57, Brigham Exploration (BEXP) 55 cents to 10.99, Excel Maritime (EXM) 53 cents to 7.44, and Canadian Solar (CSIQ) 61 cents to 22.63.

Nanometrics (NANO) snapped back 82 cents to 11.64, Ocean Power (OPTT) 75 cents to 9.03, and Sonic Solutions (SNIC) 95 cents to 9.53.

Kandi (KNDI) was dandy, up 23 cents to 5.41, while Revlon (REV) added 40 cents to 18.50 and Euro Tech Holdings (CLWT) 20 cents to 3.62.

On the downside, point-plus losers included many of the financials, led by Goldman Sachs (GS), down 2.03 to 167.63 and JP Morgan (JPM) off 27 cents at 42.22, while Wells Fargo (WFC) lost a nickel at 27.99.

Perhaps a dent in the market rally with the financials being lower today.

Other losses of note, A-Power Energy (APWR) lost 1 at 16.16, Protalix (PLX) 1.35 to 8.51, Direxion Large Cap Bear 3X Shares (BGZ) 65 cents to 17.85, the Direxion Small Cap 3x Bear (TZA) 61 cents to 11.99, Direxion Financial Bear 3x Shares (FAZ) 19 cents to 19.40.

Stepping back and reviewing the hourly chart patterns they gapped up at the opening. A retest was successful, and then a strong rally ensued into mid-afternoon before they rolled over at the end of the day on profit-taking after failing to punch through key multi-week resistance.

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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