Indices Close Positive, Though Fade Ahead of FOMC Meeting
By Harry Boxer, TheTechTrader.com (www.thetechtrader.com)
The markets ended up higher on the session today despite some afternoon profit-taking.
The day started out with a brief dip, and then a very strong rally that took the indices up to test resistance. At that point they consolidated and faded back to retest mid-day, before another early afternoon rally attempt failed at resistance. Towards the end of the session they rolled over and pulled back, paring back the gains.
But still net on the day the Dow was up 21, the S&P 500 up 3.20 and the Nasdaq 100 5 ,. That was despite the fact the Philadelphia Semiconductor Index (SOXX) was down 1.20 on the session.
Advance-declines were positive by 3 to 2 on New York but just ahead by 69 issues on Nasdaq. Up/down volume was a little better than 7 to 6 positive on New York with 1.3 billion traded. Nasdaq traded 1.8 billion with about a 10 to 7 positive ratio.
TheTechTrader.com board was mixed. Global Sources (GSOL) gained 2.30 on 1.4 million after Jim Cramer recommended it last Friday. Energy Conversion Devices (ENER) was up 3.51 on positive news on nearly 3 million shares.
Two Chinese stocks had strong sessions today on our board. Home Inns & Hotels (HMIN) was up 1.36, and China GrenTech (GRRF) was up 1.25 today. China Medical (CMED) was up 30 cents, China Development Group (CTDC) up 39 cents, and Chindex (CHDX) and American Oriental Bioengineering (AOB) were both up 66 cents.
Other stocks of note, Sigma Designs (SIGM) was up 77 cents, ISIS Pharmaceuticals (ISIS) up 36 cents, and the GLD gold tracking stock up 52 cents.
On the downside, GHDX gave back 1.44 and NVE Corp. (NVEC) 1.05, along with Gmarket (GMKT) down 1.38. Acorda Therapeutics (ACOR) fell 48 cents, Alos Therapeutics (ALTH) gave back 52 cents, Lumera (LMRA) was down 31 cents and Rambus (RMBS) 38 cents.
Stepping back and reviewing the hourly chart patterns, tomorrow is the FOMC meeting, and today in the afternoon the markets acted as though that was looming, as volatility became much narrower and the indices just faded into the close. We'll see how it goes tomorrow after the Fed announces.
Good trading!
Harry
