Closing Analysis

Indices Manage to Hold Week's Gains RSS

Closing Technical Market Analysis for Thu February 18th 2010

The stock market indices ended near flat today after some vacillations and gyrations and despite an early morning sharp rally taking the indices to new 5-day rally highs. The day started out with the gap down and quickly tested the moving averages and trend lines on the hourly charts, but held and then rallied very sharply, taking the Nasdaq 100 from 1813 to 1830 and the S&P 500 from 1101 to 1112. They then rolled over around lunch hour and sold off in the afternoon, tried a late snapback, but then backed off in the last 10 minutes.

Net on the day the Dow was up 9.45 to 10,402.35, the S&P up 2.42 at 1109.17, and the Nasdaq 100 down 0.07 at 1823.32, barely changed. The Philadelphia Semiconductor Index (SOXX) was up 1.02 to 343.54.

Advance-declines were positive by about 3 to 2 on the New York Stock Exchange, and by about 7 to 6 on Nasdaq. Up/down volume was 3 to 2 positive on New York and almost dead even flat on Nasdaq. Nasdaq traded over 2 billion shares, and the New York Stock Exchange just over 1 billion. board as a result was mixed, with very few point-plus changes either way. On the upside, China Agritech (CAGC), our only point-plus gainer, advanced 2.02 to 22.77, a new all-time high today.

The only point-plus losers were RINO International (RINO), down 1.54 to 20.45 down 1.54, and Canadian Solar (CSIQ), in a sharply lower solar sector, down 3.89 to 20.85.

Most other stocks on our board were only fractionally changed. Genco (GNK) was up 49 cents to 21, and Dendreon (DNDN) 35 cents to 32.36, hitting a new all- time high today at 32.68. Netgear (NTGR) added 46 cents to 24.67, Telestone Technologies (TSTC) 72 cents to 19.94, and portfolio position TASER International Inc. (TASR) 57 cents to 7.15.

In the ETF sector the Direxion Large Cap Bull 3X Shares (BGU) advanced 40 cents to 51.74, and the Direxion Financial Bull 3x Shares (FAS) 84 cents to 72.63.

On the downside the iPath S&P 500 VIX Short-Term Futures ETN (VXX) dropped 79 cents to 27.05, and Direxion Daily Financial Bear 3x (FAZ) 26 cents to 18.38. Nanometrics (NANO) fell 78 cents to 9.76, MAP Pharmaceuticals (MAPP) 46 cents to 3.90, and SmartHeat (HEAT) also 46 cents to 13.16. Those were some of the fractional losers for today.

Stepping back and reviewing the hourly chart patterns, they were down early, held support, then rallied sharply before mid day, backed off of NDX 1830 and SPX 1112, and rolled over in the afternoon only to bounce in the last hour.

Net on the day it was a mixed session, just slightly higher on most indices, but the rally all week managed to hold the gains on options expiration day.

Good trading!


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- Harry Boxer

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