Day Trading with Hary Boxer

The stock market indices had another up day, and Apple Inc. (AAPL) led the way tagging 600 early on, but then it plunged back down to 578 before recovering at 585.56. Still, it was down 4.02 today. The Nasdaq 100 was up 6.38, so that will tell you how strong the rest of the indices were today. Even Apple’s sell-off couldn’t bring this market down.

The day started out with a pop to the upside, then a pullback, quickly and sharply, and then they rallied just as quickly and sharply. It was kind of choppy in the morning as they worked their way higher to midday highs around 2720 on the NDX and 1402 on the S&P 500. An afternoon plunge brought the NDX back to the session lows and tested successfully. The S&P 500, at that point, made a much higher low, which was a positive divergence, and held support as well. They then rallied back to afternoon resistance, and backed and filled into the close. The S&P 500 did spike up into the close, and closed at the highs for the day going away.

Net on the day, the Dow was up 58.66 at 13,252.76, the S&P 500 up 8.32 to 1402.60, and the Nasdaq 100, despite the Apple 4-point loss, was up 6.38 at 2714.79.

Advance-declines were nearly 3 to 2 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was more than 3 1/2 to 1 positive on New York, with total volume of 800 million shares traded today. Nasdaq traded about 1.66 billion shares and had a 3 to 1 positive volume ratio.

TheTechTrader.com board had an excellent day, and some of the stocks we traded were stellar. Towerstream Corporation (TWER) was up 1.10 to 3.70, 42%, on 5.1 million shares. MEMSIC, Inc. (MEMS) gained 1.17 to 4.95, or 31%, on 1.4 million shares. Socket Mobile, Inc. (SCKT) jumped 80 cents to 3.34, or 31 1/2%, on 312,000, which is huge for that stock. NuPathe Inc. (PATH) was up 84 cents to 4.81, or 21%.

Bioteck stocks did well today. Amarin Corporation (AMRN) jumped 89 cents to 8.91, Ellie Mae, Inc. (ELLI) was up 1.07 to 10.09, and OncoGenex Pharmaceuticals Inc. (OGXI) gained 1.23 to 17.43.

Swing trade USG Corp (USG) was up 1.84 to 17.41. That swing trade’s working perfectly, up 12% again today.

Shipping stocks were strong today. Overseas Shipholding Group, Inc (OSG) was plunging in the morning, and snapping back big time to close up 1.14 to 11.31, or 11%, on 3.2 million shares. Frontline Ltd. (FRO) gained 69 cents to 6.18, or 13%, and Genco Shipping & Trading (GNK) was up 49 cents to 6.60, or 8%.

Aixtron (AIXG), which we traded, was up 2.80 to 19.15. Stock pick Scholastic Corporation (SCHL) was up 4.16 to 36.36, and Coffee Holding Co., Inc. (JVA), which we also traded, added 1.80 to 13.72. TravelCenters of America (TA) rise 78 cents to 6.08, Veeco Instruments Inc. (VECO) 3.42 to 33.40, NuVasive, Inc. (NUVA) 1.09 to 16.61, low-priced Top Image Systems Ltd. (TISA) 27 cents to 4.12, HealthStream, Inc. (HSTM) 1.49 to 22.67, and InvenSense, Inc. (INVN) 1.71 to 20.91.

Those were some of the standouts today.

In addition, Guidewire Software, Inc. (GWRE) ran up 2.31 to 32.35, and continues its recent run, and Level 3 Communications, Inc. Co (LVLT) was up 1.67 to 26.60.

Other gainers of note included Goldman Sachs Group, Inc. (GS) up 2.69 to 123.06, International Business Machines Corp. (IBM) up 1.28 to 206.00, Netflix, Inc. (NFLX) 4.92 to 110.17, Rackspace Hosting, Inc (RAX) 1.28 to 56.55, and Stamps.com Inc. (STMP) 1.27 to 27.98.

On the downside, Apple Inc. (AAPL) was the only point-plus loser on our board today, other than the Direxion Daily Financial Bear 3X Shares (FAZ), which lost 1.02 to 21.16.

The only other losers on our board today were fractional losers.

Stepping back and reviewing the chart patterns, the indices were up, they chopped their way higher in the morning to midday session highs, rolled over hard in the afternoon, especially on the Nasdaq 100 as Apple plunged, but came back and closed with solid gains on the day to extend the rally. The beat goes on, although the S&P 500, when you look at the chart, now is at the top of its multi-month channel, may run into some resistance.

We’ll have to see how it goes tomorrow.

Good Trading!

Harry