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Stock Market Narrow, Lackluster Session

Stock-Markets / Stock Markets 2010 Oct 12, 2010 - 04:37 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices started out on a flat note, but the path was interesting. The day started out with a little surge to the upside. They backed off, tested support successfully, and then ran to new rally highs, reaching 2037 on the Nasdaq 100 and 1168.68 on the S&P 500. The Dow reached 11,030.50 for its high.


The indices then pulled back in the morning, retested support, and bounced, and then went into a sideways, narrow coiling action, which basically kept the S&P 500 in a 1 1/2 point trading range for several hours.

In the afternoon when they couldn't break out and started to roll over, they accelerated, plunging from 2036 to 2021 on the NDX, and from 1168 to 1162 on the SPX. Only a last 15 minutes bounce off the lows prevented them from closing down on the day.

Net on the day, the Dow was up 3.63 today at 11,010.11. The S&P 500 was up 0.17 at 1165.32, and the Nasdaq 100, even narrower, was down 0.05 at 2026.98.

Advance-declines were 16 to 13 positive on the New York Stock Exchange and 14 to 12 negative on Nasdaq. Up/down volume was just slightly flat on New Yor on total volume of just over 800 million shares. Very narrow, very quiet volume today. Nasdaq traded just over 1.5 billion shares, with about an 8 to 6 plurality.

Charts of the Day:

Golden Minerals Company (AUMN), which we've been highlighting, had a blowout day today. It had a dramatic pullback last week, and today exploded for 5.20, or 27%, on nearly 480,000 shares, closing right near the upper end of the range, a new all-time high. Not sure how much further this goes, but with today's reversal, you could probably see 28-30.

Hyperdynamics Corporation (HDY) has been accelerating after jumping, coiling, breaking out, and flagging. This stock then moved up for four consecutive days, and today was up another 11 cents. That's just 3.8%, but sets another new multi-year high, the highest since 2007. Trading target at 4.00 should be doable.

Nevsun Resources Ltd. (NSU) is not moving much yet, but this coiling pattern appears to have been taken out on Friday. This stock moved up another few cents today. Looking for a trading target around 6 1/4, followed by 8.

Suntech Power Holdings Co. Ltd. (STP) had a big pop today, up 1.07, or almost 12%, on 9.25 million shares. That's the heaviest volume since May, and it looks like it's broken out of its base and headed for my target around the 11 -11 1/4 range, secondary target at 12 1/2.

Reviewing our Watchboard:

TheTechTrader.com board, however, was active and mostly higher, and there were quite a few point-plus gainers. Golden Minerals Company (AUMN), noted above, was the star of the day today, up 5.20 to 24.50.

Among a very strong junior solar group today, JinkoSolar Holding Co., Ltd. (JKS) snapped back 3.87 to 30.63. Canadian Solar Inc. (CSIQ) was up 75 cents to 16.24, ReneSola Ltd. (SOL) 66 cents to 13.76, LDK Solar Co., Ltd. (LDK) 1.52 to 11.32, and Ascent Solar Technologies, Inc. (ASTI) 1.17 to 4.57, a big percentage gain there on an announcement of a new technology. Trina Solar Ltd. (TSL) gained 1.16 to 29.69,

So, there was solid performance on the junior solar group today, among others.

Other stocks of note included Radware Ltd. (RDWR) up 1.80 to 34.05, Cree Inc. (CREE) up 1.28 to 53.58, and Apple Inc. (AAPL) up 1.29 to 295.36, hitting an all-time new high today at 297.24 earlier in the day.

The only point-plus loser on the board today was Amazon.com Inc. (AMZN), down 2.52 to 153.03.

Other losers of note were Spreadtrum Communications Inc. (SPRD) down 43 cents to 11.49, Isilon Systems, Inc. (ISLN) down 68 cents to 25.46, and IDT Corporation (IDT) down 48 cents to 17.11. Goldman Sachs (GS) fell a small fraction today, down 46 cents to 152.20.
In addition, Delcath Systems Inc. (DCTH) gave back 45 cents to 8.43, Amtech Systems Inc. (ASYS) 63 cents to 17.42, and Acme Packet, Inc. (APKT) 70 cents to 34.63.

Stepping back and reviewing the hourly chart patterns, the indices vacillated back and forth, and then got very narrow by mid-afternoon, but then rolled over at the end of the day only to bounce in the last 15 minutes.

Net on the day, a narrow, lackluster day on fairly low volume, and so far, meaningless to the trend, but we'll see how it goes tomorrow.

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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