Stock Market Huge Upside Explosion! Turnaround Tuesday INDEED!

By: Harry_Boxer

The markets had a huge upside explosion from the get-go, ran hard all day, pulled back late in the afternoon but held support, and then came on to close to at the highs for the day going away on a major turnaround Tuesday.

Net on the day the Dow closed up nearly 380 and got back over 6900 to close at 6926.49. The S&P 500 was up 43.07 to 719.6, and the Nasdaq 100 soared 68.57, a gain of more than 6 percent, to 1112.44. The Philadelphia Semiconductor Index (SOXX) had a more than 7 percent gain today, up 15.37 to 205.84.

The technicals on New York, in particular, were exceptional with a 90% plus day. Advance-declines were 2920 up and 225 down on New York, and 23 1/2 to 4 1/5, or about 5 to 1, on Nasdaq. Up/down volume was 2.1 billion up and 78 million down on New York, a ratio of about 25 to 1 or so, on total volume of 2.2 billion. Nasdaq had 2 1/3 billion up and 120 million down, nearly 20 to 1, on nearly 2 1/2 billion.

TheTechTrader.com board was exceptional today with only two losers other than the ultrashort ETFs, which got absolutely pulverized today. The Direxion Financial Bear 3x Shares (FAZ), which traded as high as 115.50 on Friday, closed at 61.50, down 37.67. The SRS ultrashort real estate ETF fell 25.40 to 70.60, and the Direxion Large Cap Bear 3X Shares (BGZ) at 93 was down 20.78.

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On the plus side, Apple (AAPL) was up 5.52, Amazon (AMZN) 5.22, and Potash (POT) up 5.70. JP Morgan (JPM) in a strong financial sector was up 3.60, Morgan Stanley (MS) up 4.36, and Wells Fargo (WFC) up 1.84 to 11.81.

Sequenom (SQNM) was up 1.76 to 14.44, SunPower (SPWR) up 3.39 to 25.56, and newly added portfolio position Energy Conversion Devices (ENER) up 2.05 to 18.32.

General Electric (GE) on a very strong session was up 1.46 to 8.87 on more than 1/3 of a billion, and Hartford Financial Services (HIG) at 5.19 was up 1.09.

Other than POT in the ag sector,, Mosaic (MOS) was up 3.74 to 44.09 and Agrium (AGU) at 35.13 up 2.55. Portfolio position Akamai (AKAM) gained 1.02 to 17.08.

DG FastChannel (DGIT) was up 78 cents to 16.53. Starent Networks (STAR) at 16.66 up 87 cents, TeleCommunication Systems (TSYS) up 62 cents, and Net 1 Ueps Technologies (UEPS) up 74 cents.

Stepping back and reviewing the hourly chart patterns, the indices exploded from the opening in a very strong morning, consolidated very bullishly for most of the day, did have a quick pullback late in the session that failed to follow through. and came on again and closed with a bang in one of the best days of the year.

The indices did punch back up through their declining moving averages and channel tops on the hourly charts, so potentially a significant turnaround Tuesday reversal today, but we'll see what kind of follow-through we get over the next couple days.

Good trading!

Harry

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