Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Ravencoin RVN About to EXPLODE to NEW HIGHS! Last Chance to Buy Before it goes to the MOON! - 21st Oct 21
Stock Market Animal Spirits Returning - 21st Oct 21
Inflation Advances, and So Does Gold — Except That It Doesn’t - 21st Oct 21
Why A.I. Is About To Trigger The Next Great Medical Breakthrough - 21st Oct 21
Gold Price Slowly Going Nowhere - 20th Oct 21
Shocking Numbers Show Government Crowding Out Real Economy - 20th Oct 21
Crude Oil Is in the Fast Lane, But Where Is It Going? - 20th Oct 21
3 Tech Stocks That Could Change The World - 20th Oct 21
Best AI Tech Stocks ETF and Investment Trusts - 19th Oct 21
Gold Mining Stocks: Will Investors Dump the Laggards? - 19th Oct 21
The Most Exciting Medical Breakthrough Of The Decade? - 19th Oct 21
Prices Rising as New Dangers Point to Hard Assets - 19th Oct 21
It’s not just Copper; GYX indicated cyclical the whole time - 19th Oct 21
Chinese Tech Stocks CCP Paranoia, VIES - Variable Interest Entities - 19th Oct 21
Inflation Peaked Again, Right? - 19th Oct 21
Gold Stocks Bouncing Hard - 19th Oct 21
Stock Market New Intermediate Bottom Forming? - 19th Oct 21
Beware, Gold Bulls — That’s the Beginning of the End - 18th Oct 21
Gold Price Flag Suggests A Big Rally May Start Soon - 18th Oct 21
Inflation Or Deflation – End Result Is Still Depression - 18th Oct 21
A.I. Breakthrough Could Disrupt the $11 Trillion Medical Sector - 18th Oct 21
US Economy and Stock Market Addicted to Deficit Spending - 17th Oct 21
The Gold Price And Inflation - 17th Oct 21
Went Long the Crude Oil? Beware of the Headwinds Ahead… - 17th Oct 21
Watch These Next-gen Cloud Computing Stocks - 17th Oct 21
Overclockers UK Custom Built PC 1 YEAR Use Review Verdict - Does it Still Work? - 16th Oct 21
Altonville Mine Tours Maze at Alton Towers Scarefest 2021 - 16th Oct 21
How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
The Only way to Crush Inflation (not stocks) - 14th Oct 21
Why "Losses Are the Norm" in the Stock Market - 14th Oct 21
Sub Species Castle Maze at Alton Towers Scarefest 2021 - 14th Oct 21
Which Wallet is Best for Storing NFTs? - 14th Oct 21
Ailing UK Pound Has Global Effects - 14th Oct 21
How to Get 6 Years Life Out of Your Overclocked PC System, Optimum GPU, CPU and MB Performance - 13th Oct 21
The Demand Shock of 2022 - 12th Oct 21
4 Reasons Why NFTs Could Be The Future - 12th Oct 21
Crimex Silver: Murder Most Foul - 12th Oct 21
Bitcoin Rockets In Preparation For Liftoff To $100,000 - 12th Oct 21
INTEL Tech Stock to the MOON! INTC 2000 vs 2021 Market Bubble WARNING - 11th Oct 21
AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
Stock Market Wall of Worry Meets NFPs - 11th Oct 21
Stock Market Intermediate Correction Continues - 11th Oct 21
China / US Stock Markets Divergence - 10th Oct 21
Can US Save Taiwan From China? Taiwan Strait Naval Battle - PLA vs 7th Fleet War Game Simulation - 10th Oct 21
Gold Price Outlook: The Inflation Chasm Between Europe and the US - 10th Oct 21
US Real Estate ETFs React To Rising Housing Market Mortgage Interest Rates - 10th Oct 21
US China War over Taiwan Simulation 2021, Invasion Forecast - Who Will Win? - 9th Oct 21
When Will the Fed Taper? - 9th Oct 21
Dancing with Ghouls and Ghosts at Alton Towers Scarefest 2021 - 9th Oct 21
Stock Market FOMO Going into Crash Season - 8th Oct 21
Scan Computers - Custom Build PC 6 Months Later, Reliability, Issues, Quality of Tech Support Review - 8th Oct 21
Gold and Silver: Your Financial Main Battle Tanks - 8th Oct 21
How to handle the “Twin Crises” Evergrande and Debt Ceiling Threatening Stocks - 8th Oct 21
Why a Peak in US Home Prices May Be Approaching - 8th Oct 21
Alton Towers Scarefest is BACK! Post Pandemic Frights Begin, What it's Like to Enter Scarefest 2021 - 8th Oct 21
AJ Bell vs II Interactive Investor - Which Platform is Best for Buying US FAANG Stocks UK Investing - 7th Oct 21
Gold: Evergrande Investors' Savior - 7th Oct 21
Here's What Really Sets Interest Rates (Not Central Banks) - 7th Oct 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Rally to Close Narrowly Mixed

Stock-Markets / Stock Markets 2010 Jul 16, 2010 - 03:47 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices ended mixed today, but had a volatile path to get there. They started the day out moving down, bounced a little bit, and then moved sharply lower, taking out key support on the indices, but secondary support held. They bounced back in a steady 5-wave advance and pulled back sharply until the last hour. However, in the last 30 minutes or so, they came on strongly and spiked up on news that BP Exploration plc (BP) had potentially capped their oil well spill and that Goldman Sachs (GS) was going to settle with the SEC.


Large-cap, high tech stocks led the way higher, but did not manage to close positively today. As a result the indices ended mixed.

Net on the day at the end of the day, the Dow was down 7.41 at 10,359.31, the S&P 500 up just 1.31 at 1096.48, and Nasdaq 100 up just 2.83 at 1856.24.

Advance/declines were 15 to 14 negative on the New York Stock Exchange, but 2 to 1 negative on Nasdaq. Up/down volume was near flat on New York and 5 to 4 positive on Nasdaq.

Charts of the Day:

Acacia Research Corporation (ACTG) has had a very nice pattern over the last year and a half, basing out at the end of 2008 and beginning of '09, running up from 2 to about the 10 area, and then consolidating for several months before basing out again. That base was broken in February, and the stock platformed in March and early April, and then it spiked at the end of April before going into another consolidation period. I'm looking for an extension, and it looks to me right now as it starts bubbling underneath resistance here and with the OBV continuously moving higher showing accumulation that this stock should break through and run up to at least the 20 - 21 zone where our trading target lies.

Akorn Inc. (AKRX) broke out today from a two and a half month ascending wedge. That pattern was accompanied by a strong technical thrust as well. It looks to me like we're headed toward the 4 level short-term. My trading target is going to be around 5, up at the 2008 late summer high.

Clean Energy Fuels (CLNE) popped as much as 1.50-.60 today before backing off, still closed up 1.02, or 6.7% on 3.7 million, the heaviest volume in 6-7 weeks. It appears that a big enough base has been built with three tests in the 13 1/2-14 zone. The stock today moved across the declining tops line and may be ready for an assault on the 18 1/2 zone short-term. Target in the 21-22 zone up at the March-April highs.

L&L Energy (LLEN) came out with fantastic earnings today, and the stock moved up a little bit. A continuing move here on strong volume and surging technicals indicates to me the stock is coming out of this triple-bottom, base-type pattern. If it moves through 11-11 1/2, I think it runs to the 14-14 1/2 level, my intermediate-term trading target.

Reviewing our Watchboard:

TheTechTrader.com board, as a result, was very mixed. Leading the way, Goldman Sachs (GS) was up 6.16 at 145.22, and traded near 148 in the aftermarket. Google Inc. (GOOG) was up 2.68 at 494.02, but traded 16 points lower in the aftermarket after releasing earnings. Transocean Ltd. (RIG) gained 2.34 at 54.70 and BP Exploration plc (BP) 2.74 at 38.92, as a result of the news that no new oil is flowing into the Gulf.

Other stocks of note, portfolio position Westport Innovations Inc. (WPRT) rose 85 cents to 18.80, and L & L Energy, Inc. (LLEN), featured above, added 28 cents to 10.30, after releasing excellent earnings.

In the ultra-short ETF sector, the Direxion Daily Small Cap Bear 3X Shares (TZA) jumped 96 cents to 35.45 along with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) that jumped 63 cents to 40.62.

On the downside, the only point-plus losers today included Dendreon Corp. (DNDN) down 1.54 at 32.45, Amazon.com Inc. (AMZN) down 1.24 at 122.06, and Apple Inc. (AAPL) down 1.28 at 251.45.

Large fractional losers included OmniVision Technologies Inc. (OVTI), which gave back 80 cents to 22.17. IDT Corporation (IDT) lost 61 cents at 15.69, Cree Inc. (CREE) 73 cents at 68.27, and Valassis Communications Inc. (VCI) 76 cents at 30.79.

Stepping back and reviewing the hourly chart patterns, the indices were down early in the morning, rallied back to retest the highs, and then backed off sharply, but with a half hour to go came on again very sharply and then closed at the session highs going away. Only a last 5-minute slight pullback prevented them from closing at the exact tick high for the day.

The indices gave a good accounting of themselves, holding the moving averages on the hourly charts and closing back up near the rally highs. We'll see if any further upside can be gotten, but the S&P 500 still has formidable resistance at the 1099-1100 range to contend with, which it backed off from late in the session.

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) 2010 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

© 2005-2019 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