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Closing Technical Market Analysis for Mon October 15th 2012
The stock market indices started off the week with a bang, and although they gapped up and then pulled back, support did hold. That prompted a midmorning rally that got up to resistance, but twice midday they failed there, and pulled back, though in an orderly 3-wave, corrective fashion, and held the late morning pull-back lows. When that occurred, they took off again in the afternoon, broke out above key 3-day resistance at 2735 NDX, and ran up to 2743 area. The S&P 500 jumped late in the day from 1434 to 1441, and then backed off finally at the close.
Net on the day, the Dow was up 95.38 at 13,424.23, the S&P 500 was up 11.54 at 1440.13, and the Nasdaq 100 close up 19.73 at 2739.87.
Advance-declines were 2 to 1 positive on New York Stock Exchange, and almost 3 to 1 positive on Nasdaq. Up/down volume was nearly 3 to 1 positive on New York, with total volume of just under 600 million shares. Nasdaq traded over 1.5 billion, and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher. Apple Inc. (AAPL) led the way, up 5.05 to 634.76. Goldman Sachs (GS) led the financial group, up 4.30 to 124.50. Amazon Inc. (AMZN) gained 1.82 to 244.18, and International Business Machines Corp. (IBM) jumped 1.13 to 208.93.
The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.18 to 111.68, and the Direxion Daily Small Cap Bull 3X Shares (TNA) snapped back 1.24to 59.70. The ProShares UltraShort Silver (ZSL) rose 2.09 to 44.49.
There were some stocks that had a very strong morning, but gave same back in the afternoon. They included Cyclacel Pharmaceuticals, Inc. (CYCC), which we traded today and which went from 5.25 to 7.93. The stock closed up 1.23 to 6.70, or 22 1/2%, on 2.3 million shares. Aegerion Pharmaceuticals, Inc. (AEGR) was up 1.50 to 17.46, getting as high as 18.21 at one point in the day.
Other gainers of note included Clearwire Corporation (CLWR), up 37 cents to 3.69, or 16%, on 166 million shares. Dyax Corp. (DYAX) gained 44 cents to 2.82, or 18 1/2%, and James River Coal Co. (JRCC) advanced 90 cents to 4.78, or 23%, on 6.1 million shares.
REEDS, Inc. (REED) spiked 56 cents to 7.89. Alpha Natural Resources, Inc. (ANR) advanced 60 cents to 8.48. Workday, Inc. Common Stock (WDAY), a new issue, was up 3.25 to 51.94, DigitalGlobe, Inc. (DGI) 1.29 to 22.50, Citigroup, Inc. 1.91 to 36.66, and Zillow, Inc. (Z) 1.85 to 38.39.
Stepping back and reviewing the hourly chart patterns, the indices were up early, pulled back sharply to test support, but held, and then ran up to resistance and also held. Backing off by midafternoon, they held support, came on and broke out, and closed near the highs for the day going away.
That was an excellent start to the week. Let’s see how tomorrow goes.
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