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Closing Technical Market Analysis for Thu February 11th 2010
The stock market indices had a very strong session breaking out across key declining tops lines and across lateral price resistance early on with a very strong surge in the morning. The rest of the day was spent meandering sideways and consolidating, attempting on several occasions to get through 1780 on the Nasdaq 100 and 1080 on the S&P 500, but couldn’t do so. However, they did hang near the highs and closed very solidly, holding on to most of their gains today.
Dow was up 105.82 to 10,144.19, the S&P 500 up 10.34 at 1078.47, and the Nasdaq 100 up 25.98 at 1775.74. The Philadelphia Semiconductor Index (SOXX) had a strong session, today up 7.64, or more than 2% ,today at 331.04.
Technicals were solid and confirmed today’s session as the advance-decline on New York were 2341 to 697, or nearly 4 to 1 positive. Up/down volume on the New York Stock Exchange was more than 4 to 1 positive, at 842 million up and 208 million down, total volume over a billion shares today.
Nasdaq traded 2 billion at 1.75 billion up and 318 million down and traded just under a 6 to 1 positive ratio. Advance-declines were nearly 3 to 1 positive, with 1976 up and 677 down.
TheTechTrader.com board’s stock section was nearly all higher, with just two stocks down and they went down very small fractions. Leading the way was Dendreon (DNDN) up 1.36 a 31.09 for a new all time high. Telestone Technologies (TSTC) jumped 1.95 to 17.29, RINO International (RINO) 1.34 to 22.36, SmartHeat (HEAT) 1.19 to 13.44, and Canadian Solar (CSIQ) 1.40 to 22.68 in a strong Chinese sector today.
The iShares MSCI Brazil Index ETF (EWZ) was up 1.60 to 66.93 and the Direxion Large Cap Bull 3X Shares (BGU) 1.53 to 47.42.
Other stocks of note today, Nanometrics (NANO) jumped back 56 cents to 8.97 and McMoRan (MMR) 48 cents to 16.24. Brigham Exploration (BEXP) advanced 38 cents to 15.17 in a firm junior oil sector.
Genco Shipping (GNK) was up 89 cents at 19.28, China Agritech (CAGC) 51 cents to 17.33, and Acorda Therapeutics (ACOR) 82 cents at 30.58. Low-priced Cyclacell Pharmaceuticals popped 36 cents to close at 2.33, Leap Frog (LF) jumped 1.04 to 4.77, and Activision (ATVI) was up 97 cents to 11.07.
On the downside, the UltraPro Short S&P 500 ProShares (SPXU) gave back 1.18 to 38.98. Among the ultrashort ETFs, the Direxion Large Cap Bear 3X Shares (BGZ) dropped 61 cents to 18.27, Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 49 cents to 5.67, and the Direxion Small Cap 3x Bear (TZA) 51 cents to 10.37.
Stepping back and reviewing the hourly chart patterns, they were up sharply in the morning, reached their peak by mid-day and spent the rest of the day consolidating bullishly. A very good day for the bulls heading into Friday.
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