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Stock Market Narrow, Losing Session

Stock-Markets / Stock Markets 2010 Sep 30, 2010 - 02:25 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleThe stock market indices vacillated back and forth today, continued their consolidation, but held support while being repelled by resistance. Net on the day they were down a bit.

The day started out with a little bit of a gap down. They then bounced to retest the highs on the Nasdaq 100, but fell far short on the S&P 500. At that point 2000 support held on the NDX, as did 1140 on the SPX. They bounced again, but were unable to get back up to the early session highs on the NDX, although surpassed them on the SPX. They backed off mid-day, but in the early afternoon came on again only to fail at resistance and sell off over the course of the last 90 minutes. But in the last 30-35 minutes or so, they bounced again to pare back the losses.

Net of the day, the Dow was down just 22.86 to 10,835.28, the S&P 500 down 2.98 at 1144.72, and the Nasdaq 100 down 3.35 at 2009.08.

Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 14 to 12 positive on Nasdaq. Up/down volume was 5 to 4 negative on New York on total volume of just under 1 billion. Nasdaq traded just under 2 billion shares today and had about a 10 to 9 negative ratio as well.

In our Charts of the Day today we review some of our recent swing trade picks that we made in Trading Diary.

The first is Brigham Exploration Co. (BEXP), a favorite junior oil. After the big run up from 2 1/2 to 21 1/2, it peaked in May, came down, formed a coiling base pattern, broke out of this little mini head-and-shoulders pattern, spiked up four days ago, worked its way up higher, and today stuck its head out above lateral price resistance and closed up 60 cents on 4.4 million shares as volume picked up. Technicals are surging, with On-Balance Volume at the highest level since early August. It appears that this stock wants to make a move here, thrust out of its base, and move up to test the old highs around 21 1/4, my near-term trading target. Secondary target at the 24-25 zone.

Focus Media Holding Ltd. (FMCN) also is in an accelerating mode. Volume and technicals are surging, as is price obviously. The stock broke out across some key levels shown on the chart to break into new two-year high territory. There's a lot of resistance up in the 30-31 zone, our secondary target. Short-term trading target 24.

Gold Resource Corp (GORO), which is looking great, ran up in August and early Sept, flagged, and popped yesterday with a slight follow-through today. It looks like that if gold continues to roll, this stock could move into the low-to-mid 20s, our trading target.

Kandi Technologies, Corp (KNDI) broke out of its 9-month declining topsline and top of the channel today, as well as the 4-day flag, up 8 1/4%. The next target is 4 ½, which may be doable very shortly. If it does break that out, the next target beyond that will be the 5 1/4 level, and after that 6-6 1/2.

Reviewing our Watchboard: board was mostly higher, with quite a few stocks up a point or more. Leading the day today was Netflix, Inc. (NFLX), which exploded up 8.77 to 170.63, closing over 170 for the first time ever, a new all-time high.

Other high-tech stocks moving today were JinkoSolar Holding Co., Ltd. (JKS) up 2.18 to 31. 63, Cree Inc. (CREE) up 1.71 to 55.02, Blue Coat Systems Inc. (BCSI) up 1.38 to 24.68 on takeover rumors, and Radware Ltd. (RDWR) up 2.61 to 34.79 on takeover rumors as well.

In addition, Transocean Ltd. (RIG) was up 1.93 to 65.13, Trina Solar Ltd. (TSL) up 1.38 to 28.88 in a generally firm solar energy sector, and McMoRan Exploration Co. (MMR), a current swing trade pick, up 1.00 to 17.51. Nanometrics Incorporated (NANO), another swing trade pick, jumped 1.39 to 15.40, and Cirrus Logic Inc. (CRUS) 1.67 to 19.02.

Among fractional gainers, ADTRAN Inc. (ADTN) was up 93 cents to 34.77, Finisar Corp. (FNSR) up 90 cents to 19.25, and VirnetX Holding Corp (VHC), another current swing trade, 57 cents to 14.36.

On the downside, Green Mountain Coffee Roasters Inc. (GMCR), which had an SEC investigation, dropped 5.95 to 31.06. That was a major point-plus loser today. Everything else that was down on our board fell by just fractions.

Spreadtrum Communications Inc. (SPRD) was down 41 cents to 12.49, LogMeIn, Inc. (LOGM) 96 cents to 37.43, Goldman Sachs (GS) 59 cents to 144.42, Dendreon Corp. (DNDN) 57 cents to 41.30, and Inc. (AMZN) 71 cents to 158.99.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, back and forth mid-day, dropped sharply in the afternoon, but held support, and then snapped back into the close to pare back the losses.

Nevertheless, it was a losing session for the indices, but a narrow one.

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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