Thu November 26th 2009
Another Positive Session for the Bulls by Harry Boxer,
www.TheTechTrader.comThe indices on Wednesday extended the previous session’s late rally early on with a strong thrust at the get-go in a 5-wave advance that reached up near the 2009 highs on the S&P 500 and quite a few points short on the Nasdaq 100.
The rest of the session was back and forth, twice testing the highs but failing to break through, but they did close near the highs on the NDX and SPX.
Net on the day the Dow was up 30.69 at 10,464.40, the S&P 500 up 4.98 at 1110.63, and the Nasdaq 100 up 7.42 at 1793.67.
Advance-declines were just over 2 to 1 positive on New York, but negative by 7 to 6 on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York on total volume of a very light 778 million. Nasdaq traded a light 1 1/3 billion and had an 8 to 5 positive volume ratio.
TheTechTrader.com board was active and mixed with several point-plus gainers. A-Power Energy (APWR), which we traded, had a spectacular session, up 1.71 to 16.30. But the star of the day was RINO International (RINO) on news of a big Chinese contract, up 3.24 to 31.14 on 1.8 million.
Incyte Pharmaceuticals (INCY) jumped 74 cents to 8.46, SmartHeat (HEAT) snapped back 74 cents to 13.07, China Green Agriculture (CGA) added 57 cents to 16.25, and Kandi (KNDI) gained 55 cents to 4.80.
Low-priced InfoSonics (IFON) advanced 34 cents to 1.40 and was one of the leading percentage gainers on Nasdaq today.
On the downside there were no point-plus losers other than Goldman Sachs (GS), down 2.21 to 168.92, breaking to a 4-week low.
Other than that, there were just small fractional losers across the board.
Stepping back and reviewing the hourly chart patterns, they were up in the morning, backed off, retested the highs later in the afternoon but couldn’t break through and backed off, only to bounce in the last 10 minutes once again and close positive on the session.
Indeed, another positive session for the bulls as the bears continue to get squeezed.
Good trading!
Harry
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