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
S&P 500 – Is a 5% Correction Enough? - 6th Dec 21
Global Stock Markets It’s Do-Or-Die Time - 6th Dec 21
Hawks Triumph, Doves Lose, Gold Bulls Cry! - 6th Dec 21
How Stock Investors Can Cash in on President Biden’s new Climate Plan - 6th Dec 21
The Lithium Tech That Could Send The EV Boom Into Overdrive - 6th Dec 21
How Stagflation Effects Stocks - 5th Dec 21
Bitcoin FLASH CRASH! Cryptos Blood Bath as Exchanges Run Stops, An Early Christmas Present for Some? - 5th Dec 21
TESCO Pre Omicron Panic Christmas Decorations Festive Shop 2021 - 5th Dec 21
Dow Stock Market Trend Forecast Into Mid 2022 - 4th Dec 21
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Narrow, Lackluster Session

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

By: Harry_Boxer


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: 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 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!


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 . 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

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 - 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