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Closing Technical Market Analysis for Tue February 16th 2010
The stock market indices started out with the bang today with strong futures in pre-market. They gapped up, broke out above key short-term resistance, backed off early on to retest and then came on strongly in the morning. During midday they consolidated sideways in bullish flag-type patterns and in the last hour broke out and ran, closing substantially higher.
The Dow closed up 169.67 at 10,268.81, the S&P 500 up 19.36 at 1094.87 and Nasdaq 100 up 22.95 at 1802.06. The Philadelphia Semiconductor Index (SOXX) advanced 8.12, or nearly 2 1/2% today.
Advance-declines were positive by 5 to 1 on the New York Stock Exchange and 2 1/2 to 1 positive on Nasdaq. Up/down volume was nearly 10 to 1 positive on New York with total volume under 1.1 billion, Nasdaq traded just under 2 billion shares and had a nearly 6 to 1 positive volume ratio.
TheTechTrader.com board as a result was nearly all higher. Leading the way today was the Direxion Financial Bull 3x Shares (FAS), up 4.58 to 70, and the Direxion Large Cap Bull 3X Shares (BGU), up 2.26 to 49.69.
Other point-plus gainers included China Agritech (CAGC) up 2.10 at 19.40, A-Power Energy (APWR) up 1.34 at 13.08, Canadian Solar (CSIQ) up 1.70 to 24.70 and JAZZ Pharmaceuticals (JAZZ) up 1.16 to 10.50. The U.S. Oil Fund ETF (USO) also advanced 1.48 to 37.79.
Other significant large fraction gainers included Xyratex (XTRX), snapping back 84 cents to 14.41. Origin Agritech (SEED) gained 77 cents to 9.57, NetList (NLST) 66 cents to 4.16, Dendreon (DNDN) 65 cents to 32.15 tagging a new all time high today, Brigham Exploration (BEXP) 69 cents to 16.11, and Telestone Technologies (TSTC) 45 cents to 19.17 today. RINO International (RINO) jumped 33 cents to 22.19. Nanometrics (NANO) 98 cents to 10.00, and China Green Agriculture (CGA) 43 cents to 13.49.
On the downside the loss leaders were the iPath S&P 500 VIX Short-Term Futures ETN (VXX), losing 1.61 to 29.82, and the UltraPro Short S&P 500 ProShares (SPXU) down 1.85 to 37.19. The Direxion Financial Bear 3x Shares (FAZ) got hammered for 1.42 to 19.13 and the Direxion Large Cap Bear 3X Shares (BGZ) lost 88 cents to 17.39. The Direxion Small Cap 3x Bear (TZA) dropped 50 cents to 9.63.
Stepping back and reviewing the hourly chart patterns, a key important breakout today occurred across 1780-85 NDX and across 1080 SPX, and they advanced sharply higher the rest of the session, leaving the indices near the highs for the entire rally.
We’ll see what kind of follow-through, if any, we get tomorrow.
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