Tue November 17th 2009
Successful Day for the Bullsby Harry Boxer,
www.TheTechTrader.comThe indices managed to surge at the end of the day and closed at the highs for the day going away with some gains on the session after some early losses, as this resilient market once again held price and moving average support before moving back up in a nice 5-wave advance from late morning until the end of the day.
Net on the day the Dow was up 30.31 at 10437.27, the S&P 500 up 99 cents at 1110.29, and the Nasdaq 100 up 4.65 at 1812.21.
However, advance-declines were negative today by 343 issues on New York and by about 200 issues on Nasdaq. Up/down volume was slightly positive but near flat on New York on total volume of a paltry 930 million. Nasdaq traded a little over 1 3/4 billion and had a 4 to 3 positive volume ratio.
TheTechTrader.com board was mostly higher today with a very mixed picture. Fuel System Solutions (FSYS) led the way, up another 1.52 to 51.99. A Power Energy (APWR) jumped $1.98 to 13.56 and Smartheat (HEAT) rose 1.50 to 12.50.
On the downside, Netlist (NLST) was slammed back from its recent 1000% move, dropping to 4.10 at the close, down 2.14 on 13 million. BioCryst Pharmaceuticals (BCRX) dropped 1.15 to 11.17.
Those were the only point-plus losers.
Other gainers of note, China Automotive (CAAS) was up 76 cents to 16.80, Sourcefire (FIRE) up 48 cents to 22.64, Nanometrics (NANO) 44 cents to 13.08, and Revlon (REV) up another 41 cents to 17.31.
Stepping back and reviewing the hourly chart patterns, they were up early, then came down hard and tested support, held, and advanced in the last several hours in a 5-wave move, holding the intraday moving averages and closing at the high for the day going away on the Nasdaq 100 and right near it on the S&P 500. A successful day for the bulls indeed.
Good trading!
Harry
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