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Closing Technical Market Analysis for Thu July 21st 2011
The stock market indices had another very strong session today. Most of the gains were had by midday, and the afternoon was spent consolidating, holding up very nicely indeed. There was a strong surge from the get-go taking the Nasdaq 100 from 2378 to 2417 and the S&P 500 from about 1325 to 1343 1/2-44. That was a very strong move. They then pulled back, did about a .382 Fibonacci retracement, and then bounced back to new highs on the S&P 500, but not on the NDX. That caused the indices to back off and then consolidate the rest of the session. Nevertheless, they held up well.
Net on the day, the Dow was up 165.52 at 12,737.94, the S&P 500 up 19.26 at 1345.10, and the Nasdaq 100 21.89 at 2409.69.
Advance-declines were about 4 to 1 positive on the New York Stock Exchange and 2 to 1 positive on Nasdaq. Up/down volume was about 5 1/2 to 1 positive on the New York, with total volume a light 950 million shares. Nasdaq traded more the 2 1/4 billion shares and had better than a 2 to 1 positive volume ratio. Volume was surging today.
TheTechTrader.com was mostly higher, with quite a few large multiple-point gainers today. InterDigital, Inc. (IDCC) jumped another 5.60 today to 74.27, but traded as high as 82.50 earlier today. A phenomenal move in the last three sessions!
In addition, Sino-Global Shipping America, Ltd. (SINO) continued its winning ways. Although it backed way off its high, it was up 1.89 to 6.32, or 43%. Molycorp, Inc. (MCP) jumped 4.08 to 58.80 with a late surge.
Among the large-cap stocks, IBM (IBM) was up 1.25 to 184.90, and Goldman Sachs (GS) up 2.83 to 135.58.
Other point-plus gainers included LSB Industries Inc. (LXU) up 1.15 to 46.39, SmartHeat Inc. (HEAT) 63 cents to 1.92, or 49%, and TeamStaff, Inc. (TSTF) 67 cents to 2.95, or 29%. Origin Agritech Limited (SEED) gained 80 cents to 4.95, or 19%, with Mellanox Technologies, Ltd. (MLNX) up 4.37 to 33.38, or 15%, and Motorola Mobility Holdings, Inc. (MMI) 2.78 to 25.19, or 12%. Achillion Pharmaceuticals, Inc. (ACHN) advanced 81 cents to 8.31, or 11%, and BioScrip Inc. (BIOS) 67 cents to 7.46, almost 10% today.
Low-priced Kandi Technologies, Corp (KNDI) had a big day, up 42 cents to 3.20, or 15%, on 1.1 million shares traded, closing at the high for the day.
On the downside, Amazon.com Inc. (AMZN) was down 2.34 to 213.21, Coffee Holding Co.Inc. (JVA) 2.15 to 21.26, SodaStream International Ltd. (SODA) 1.59 to 68.35, and Rediff.com India Ltd. (REDF) 1.44 to 10.82.
In addition, the Direxion Daily Financial Bear 3X Shares (FAZ) dropped another 2.95 to 43.56, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) was down 1.16 to 20.88.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, backed off late morning, and then came on again, and backed and filled in a beautiful coil-type fashion which indicates potentially more upside.
We’ll see how it goes tomorrow.
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