Closing Analysis

Strong Close to Week's Big Rally

Closing Technical Market Analysis for Fri July 1st 2011

The stock market indices had probably the best week in years, ending with a bang for the week with five consecutive sharp, up days in a row. The week saw the S&P 500 move from 1263 to 1340 and the Nasdaq 100 surge sharply higher as well with an even bigger gain today.

The day started out with the indices opening up strong, shooting up, and then climbing in a rising channel all session.

Net on the day, the Dow was up 168.43 at 12,582.77, the S&P 500 up 19.03 at 1339.67, and the Nasdaq 100 up 36.32 at 2361.39.

Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 10 to 1 positive on New York, and Nasdaq had a 7 to 1 positive volume ratio. had a stellar day across the board. Leading the way today, SodaStream International Ltd. (SODA), which we highlighted yesterday, jumped 7.36 to 68.17, up 12%. Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) rose 1.36 to 4.83, up 39%, and USANA Health Sciences Inc. (USNA) 2.26 to 33.54. Fusion-io Inc. (FIO) gained 1.10 to 31.19.

Other gainers of note included Apple Inc. (AAPL) up 7.59 to 343.26, Inc. (AMZN) 5.00 even to 209.49, International Business Machines Corp. (IBM) 2.99 to 174.54, and Goldman Sachs (GS) 3.56 to 136.65.

Among other gainers, Inc (YOKU) was up 2.12 to 36.47, Questcor Pharmaceuticals, Inc. (QCOR) 2.40 to 26.50, MAKO Surgical Corp. (MAKO) 1.54 to 31.27, VirnetX Holding Corp (VHC) 1.53 to 30.47, Nanometrics Incorporated (NANO) 1.02 to 20.01. Coffee Holding Co.Inc. (JVA) 2.00 to 17.50, Golar LNG Ltd. (GLNG) 1.31 to 36.20, and Global Crossing Ltd. (GLBC) 1.46 to 39.34, crossing 40 for the first time ever.

On the downside, the ultra-short ETFs got hurt, with the Direxion Daily Financial Bear 3X Shares (FAZ) down 2.45 to 42.31, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) off 1.56 to 33.00 even.

Stepping back and reviewing the hourly chart patterns, the indices exploded near the opening and kept going higher in a very sharply rising angle all day without any interruptions, other than a few minor intraday flips.

What a day and what a week for the indices. We’ll see what happens after the holiday and whether or not they can maintain this, but unlikely in my opinion. We should get some kind of pullback next week.

Good trading!


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- Harry Boxer

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