Day Trading with Hary Boxer

The stock market indices managed to eke out some gains today with a late rally, but they were down most of the session.

The day started out with a big gap to the downside, they broke support, and tested secondary support, held there, and bounced. When they reached resistance, they rolled over again, and then backed and filled into wedge patterns. By the end of the day, when then hadn’t broken down, they started to move up, and took out the rally highs. They broke out of their wedges and their two-day declining topsline, and spiked up into the close, and closed near the highs for the day going away.

Net on the day, the Dow was just a point off the high, up 42.76 at 13,207.95, closing over 13,200. The S&P 500, which got down to 1395.60, closed up 3.07 cents at 1405.87. The Nasdaq 100 turned around from 2704 to 2723, up 3.35 at 2722.96 at the high for the day.

Advance-declines were 13 to 16 positive on New York Stock Exchange, and 13 to 11 negative on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 542 million shares traded. Nasdaq traded over 1.5 billion, and had a very flat volume ratio, slightly to the upside.

TheTechTrader.com board was fairly flat. Percentage gainers did well. Fusion-io, Inc. (FIO) was up 5.84 to 26.86, of 28%, on 14.9 million shares. Imperva Inc. (IMPV) exploded for 6.96 to 33.12, or 27%, on 1.4 million shares. 51job Inc. (JOBS) ran up 7.40 to 43.84, or 20%, on 378 thousand shares.

Bottomline Technologies Inc. (EPAY) jumped 4.00 to 23.95, or 20%, on 806 thousand shares. inContact, Inc. (SAAS) gained 75 cents to 5.85, or 14%, on 732 thousand shares. Metroploitan Health Networks Inc. (MDF) advanced 1.02 to 9.00, or 13%, on 600 thousand shares. Groupon, Inc. (GRPN) was up 79 cents to 7.44, or 12%, on 10.4 million shares.

Open Text Corp (OTEX) jumped 5.12 to 54.52, Level 3 Comminications, Inc. (LVLT) up 1.76 to 21.94, 38 cents to 5.07, Focus Media Holding Ltd. (FMCN) 1.65 to 23.38, Wizzard Software Corporation (WZE), one of our current swing trades, up 32 cents to 4.77, and CareFusion Corp (CFN) 1.72 to 26.29, were among some of the highlights today.

Everything else is pretty much flat today. There are just fractional gains and losses on the large-cap stocks, Apple, Amazon, Google, all have very small gains today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply, snapped back sharply to test resistance, pulled back and forth to form wedges, and broke out late in the day in the last hour, and spiked up into the close, to close not far off the highs for the week. They have been at the top of the consolidation patterns for the last four sessions.

We’ll see if we get a follow-through on Monday.

Have a Good Weekend!

Harry