Day Trading with Hary Boxer

The stock market indices managed to snap back late in the day to salvage gains on the session. The day started out with a surge to the upside, and then a falling wedge pullback on the Nasdaq 100, and a parallel wedge on the S&P 500. When they did not go any further, it resulted in a move from 2625 to 2645 on the NDX. The S&P 500 at that point went from 1368 to 1376. The NDX made a nominal new high, but right near the high from yesterday, and then rolled over hard into the late part of the session. The S&P 500 failed a couple points short of its 1378, however, reaching 1376 and change, and then they rolled over hard under 1370. In the last 20 minutes they snapped back sharply to firm up the gains on the session.

Net on the day, the Dow was up 28.23 at 12,980.30, about 50 points off its high, but also about 37 points off its low. The S&P 500 was up 8.41 to 1374.09, just 2 points off its high, and the Nasdaq 100 up 20.44 at 2643.54, only 3 points off its high.

Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 14 to 11 positive on Nasdaq. Up/down volume was 5 to 2 positive on New York, with total volume of just under 800 million shares traded today. Nasdaq traded just under 1.8 billion shares and had a 2 to 1 positive ratio on advancing volume over declining volume.

TheTechTrader.com board was mostly higher today. Leading the way on percent gains was low-priced Sino Clean Energy Inc. (SCEI), which jumped 64 cents to 2.14, or 43%, on 5.1 million shares. Pegasystems Inc. (PEGA) was up 8.70 to 36.78, or 31% on 2.7 million shares, and at one point was up over 10 points. Cenveo Inc (CVO) ran up 99 cents to 4.89, or 25%, on 3.2 million shares. MEMSIC, Inc. (MEMS) gained 58 cents to 3.63, or 19%, on a little over 1 million shares. Monster Worldwide, Inc. Common (MWW) was up 1.07 to 8.01, or 15 1/2%, on 27.8 million shares. HiSoft Technology International (HSFT) jumped 1.73 to 13.93, or 14%. Veolia Environn American Deposi (VE) snapped back 1.89 to 14.02, or 15 1/2%, on over 3 million shares.

In addition, McDermott International, Inc. (MDR) was up 1.81 to 14.87, or 13.8%, on 14 million shares. Liz Claiborne, Inc. (LIZ), which we traded today, was up 1.32 to 11.10, or 131/2%, on 12 million shares. H&E Equipment Services, Inc. (HEES) gained 2.20 to 19.49, or 12.7%, on 1.6 million shares, and MasTec, Inc. (MTZ) 2.11 to 19.70, or 12%, on 3.2 million shares.

Amarin Corporation plc (AMRN) jumped 1.02 to 8.77, Quidel Corporation (QDEL) 1.31 to 15.49, Darling International Inc. (DAR) 1.19 to 17.18, and Cheniere Energy, Inc. (LNG) 1.32 to 16.36, acting great of late.

Fusion-io Inc. (FIO) ran up 2.40 to 29.70, and Sky-mobi Limited (MOBI), one of our swing trades, snapped back 40 cents to 4.59.

Other gainers of note included Carrizo Oil & Gas, Inc. (CRZO) up 2.12 to 30.29, Buckle, Inc. (BKE) 3.09 to 48.01, Gap, Inc. (GPS) 1.69 to 25.05 in a strong retail sector today, and Mitek Systems, Inc. (MITK) 65 cents to 11.05. Glu Mobile Inc. (GLUU) added 23 cents to 4.01.

In addition, Zynga Inc. (ZNGA) up 1.31 to 14.48, Westport Innovations Inc (WPRT) 2.38 to 42.85, Pharmacyclics, Inc. (PCYC) 1.21 to 26.40, and Lululemon Athletica Inc. (LULU) 3.84 to 70.86, a new all-time high.

Apple Inc. (AAPL) jumped 2.03 to 544.47 reaching new all-time highs at 548.21 earlier in the session. Coinstar, Inc. (CSTR) snapped back 2.74 to 60.97. The Goldman Sachs Group, Inc. (GS) was up nearly 6.00 at 5.99 to 121.13. Netflix, Inc. (NFLX) was up 2.02 to 112.75. Solarwinds, Inc. (SWI) popped 1.10 to 38.36.

On the downside today, there were no point-plus losers on our board. The ultra-shorts were off just fractionally, and ultra-longs Direxion Daily Financial Bull 3X Shares (FAS) was up 3.03 to 94.41.

Stepping back and reviewing the hourly chart patterns, the indices were up early, came back and consolidated, but held support, and then rallied strongly midday, with the NDX making nominal new highs, but the S&P 500 failing to do so. They then rolled over sharply late in the day, but snapped back in the last 10 -15 minutes to firm up the gains on the day, and to end up with a positive session.

We’ll see what happens tomorrow.

Good Trading!

Harry