Sat September 5th 2009
Impressive Day for the Bullsby Harry Boxer,
www.TheTechTrader.comThe indices experienced a strong finish to the week, as a late morning and afternoon short squeeze dominated price action, and the indices closed near the session highs going away.
The day started out with a surge off the opening, a quick pullback that tested support successfully, and then it was off to the races, as the indices moved up steadily until early afternoon when they pulled back and test, couldn’t break down, and then came again at the close.
Net on the day the Dow was up 96.66 at 9441.27, the S&P 500 up13.16 at 1016.40, right near key overhead resistance, and the Nasdaq 100 up 32.09 at 1638.07, also right near resistance. It’ll be interesting to see whether they can extend on Monday.
Advance-declines were almost 5 to 1 positive on New York and about 3 to 1 positive on Nasdaq. Up/down volume was nearly 7 to 1 positive on New York on total volume of just 1 billion. Nasdaq traded 1 2/3 billion and had a 7 to 1 positive volume ratio. So, quite the strong session today in terms of underlying technicals.
TheTechTrader.com board was mostly higher. Leading the way were some of the biotechs we follow. Jazz Pharmaceuticals (JAZZ) was up 2.26 to 9.27 on 13 million shares, Human Genome Sciences (HGSI) up 1.15 at 19.31 on 10 million shares, and SIGA Technologies (SIGA) up 88 cents to 7.51.
Goldman Sachs (GS) advanced 1.31 to 162.97, and Rambus (RMBS) 1.82 to 17.75 on rumors of a takeover by Samsung, which was later denied.
Among the fractional gainers, OmniVision (OVTI) gained 82 cents to 15.44 on 2 1/2 million shares, and General Electric (GE) 42 cents today at 13.87 on 77 million. China Green Agriculture (CGA) jumped 38 cents to 12.39, and junior oil play Brigham Exploration (BEXP) was up 71 cents to 8.52 to a new 11-month high on more than 4 million shares.
On the downside, Direxion Large Cap Bear 3X Shares (BGZ) was down 1.03 to 24.56, the Direxion Financial Bear 3x Shares (FAZ) 51 cents to 24.95, and the UltraShort Real Estate ProShares (SRS) 25 cents to 12.33, with the Direxion Small Cap 3x Bear (TZA) off 64 cents to 14.76.
Stepping back and reviewing the hourly chart patterns, we had a strong morning surge, a mid-afternoon pullback, and then they came on again to close near the session high. A very impressive day indeed for the bulls!
Good trading!
Harry
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