Mon October 19th 2009
More New 2009 Highs!by Harry Boxer,
www.TheTechTrader.comThe market started the week with another gain. However they started out weaker and immediately tested initial support that held. When that occurred they turned around and rallied very sharply, with the NDX rallying from 1732 to 1758, 26 points in 2 hours. The SPX rallied from 1086 to 1099 during that time frame.
By late morning they hit their peak, pulled back, retested their high and couldn't get through, made lower lows but the SPX did not. The NDX closing not far off the high for the day, the SPX about 2 1/2; points off its high
Net on the day the Dow was up 96.28 at 10.092.19, the S&P 500 up 10.23 to 1097.91, and the Nasdaq 100 up 17.63 to 1756.6.
Advance-declines were just under 3 to 1 positive on New York and a little less than 2 to 1 positive on Nasdaq. Up/down volume was 2 ½ to 1 positive on New York on light total volume of under 1.1 billion. Nasdaq traded 1.95 billion and had about a 2 ½ to 1 positive volume ratio.
TheTechTrader.com board was mostly mixed, with some point-plus gainers and losers. On the plus side, New IPO China Real Estate Info.(CRIC) jumped 2.04 to 16.24 on 4.1 million. Goldman Sachs (GS) gained 1.13 to 185.50, and the Direxion Financial Bull 3x Shares (FAS) was up 1.24 to 87.12.
Those were the only point-plus gainers.
On the downside, American International Group (AIG) 2.03 to 41.17, and RINO 2.05 to 23.09.
Those were the only point-plus losers.
Among other fractional gainers, China TransInfo (CTFO) gained 59 cents to 11.63, China Green Agriculture (CGA) 56 cents to 13.50, NutriSystem (NTRI) up 95 cents to 19.55, and Rambus (RMBS) 39 cents to 18.76.
On the downside, Vanda Pharmaceuticals (VNDA) gave back 74 cents to 11.14, and Acordia Pharmaceuticals (ACOR) 44 cents to 24.46.
The ultrashorts were weak today, with Direxion Large Cap Bear 3X Shares (BGZ) down 48 cents to 18.86, the UltraShort Real Estate ProShares (SRS) down 45 cents to 9.38, and the Direxion Financial Bear 3x Shares (FAZ) 28 cents to 18.79. The Direxion Small Cap 3x Bear (TZA) lost 28 cents to 10.89.
Stepping back and reviewing the hourly chart patterns, the indices were down from the get-go, but rallied sharply to new 2009 highs on the SPX and NDX, although a mid-day consolidation and pullback failed to give up much ground. They rallied back to close at new 2009 highs on the indices.
Good trading!
Harry
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