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Closing Technical Market Analysis for Tue December 28th 2010
The stock market indices had a mixed session today, starting out with a big pop to the upside to new 2010 highs. They then rolled over hard, particularly on the Nasdaq 100, but when the S&P 500 failed to take out support, despite a crack in the NDX, the indices then snapped back. The NDX jumped from 2223 to 2230 and the SPX from 1256 to 1260, tagging nominal new highs. In the last few minutes they rolled back to pare back the gains and put the NDX back into the negative column.
Net on the day, the Dow was up 20.51 at 11,575.54, the S&P 500 up 0.98 at 1258.52, and the Nasdaq 100 down 2.44 at 2227.42.
Advance-declines were 100 more decliners than advancers on the New York Stock Exchange and 450 more on Nasdaq. Up/down volume was just slightly to the plus side on New York with total of 545 million shares traded. Nasdaq traded just under 1.1 billion today and had a slightly negative ratio.
TheTechTrader.com board was narrowly mixed. There were some gainers and losers. On the plus side today, the rare earth group had a big morning, but negative afternoon, and had somewhat of a reversal day for most of them. However, some of our picks had a very good session, including one of our recent swing trade picks, China Shen Zhou Mining & Resources, Inc. (SHZ), up 95 cents to 5.50.
Among other gainers of note in that group, Rare Element Resources Ltd. (REE), closed substantially off the highs, which were over 14. up 1.21 to 12.94. E-Commerce China Dangdang Inc. (DANG) closed up 57 cents to 30.07, and Market Vectors Rare Earth/Str Metals ETF (REMX) up 66 cents to 22.27, about a point off its high.
Gold stocks were firm as gold rose to $1400 an ounce. Golden Minerals Company (AUMN) was up 2.27 to 26.81, and Gold Resource Corp (GORO) up 86 cents to 28.22.
Silver was strong as well, back over $30. Hecla Mining Co. (HL) was up 59 cents to 11.25, and Silver Wheaton Corp. (SLW) 1.76 to 38.33.
On the downside, Molycorp, Inc. (MCP), which got up to 55.22, closed at 46.18, down 3.26, a huge reversal day today on all-time total volume. Acme Packet, Inc. (APKT) was off 1.20 to 54.00 even, and Amazon.com Inc. (AMZN) lost 1.05 to 181.09.
Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, down sharply in the morning and turned around midday. They then rallied in the afternoon only to pull back in the last 40-45 minutes or so to end up mixed on the session.
We’ll see how it goes tomorrow.
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