Closing Analysis

Monster Day, Great Technicals

Closing Technical Market Analysis for Sun November 18th 2012

It was a monster day on Wall Street as the stock market indices gapped up, and just kept running all day in stair-step fashion, including a late spurt into the close to leave the S&P 500 at the session highs going away into the bell, up nearly 27 points.

Net on the day, the Dow was up 207.34 at 12,795.65. The S&P 500 was up 26.99 at 1386.27. The Nasdaq 100 closed up 61.67 at 2595.83, just a point off the high.

Advance-declines were 8 to 1 positive, with 2700 up and 359 down on the New York Stock Exchange, and 4 to 1 positive on Nasdaq. Up/down volume was 15 to 1 positive on New York, with total volume of 678 million shares. Nasdaq traded over 1.7 billion and had a 7 to 1 positive volume ratio. board was mostly up. It was a big day for large-cap generals on Nasdaq as Apple Inc. (AAPL) jumped 38.05 to 565.73, completing an important short-term low for sure. Google Inc. (GOOG) jumped 21.03 to 668.21. Inc. (AMZN) was up 4.48 to 229.71. International Business Machines Corporation (IBM) snapped back 3.41 to 190.35. Goldman Sachs Group, Inc. (GS) ran up 2.46 to 118.30.

Other gainers included The Home Depot, Inc. (HD), one of our swing trade picks, up 1.21 to 63.33. Conns Inc. (CONN), another of our swing trade picks, was up 1.93 to 28.03. Cobalt International Energy, Inc. (CIE) gained 1.14 to 21.73, Ellie Mae, Inc. (ELLI) 1.39 to 24.69 and Patrick Industries Inc. (PATK) 1.03 to 18.27.

Today we picked Direxion Daily Small Cap Bull 3X Shares (TNA), which was up 3.06 to 51.82. The Direxion Daily Financial Bull 3X Shares (FAS) took back 4.97 to 102.74.

There were a lot of low-priced stocks on our board today that did well. Good Times Restaurants Inc. (GTIM) was up 45 cents to 2.11, or 27%. Ligand Pharmaceuticals Incorporated (LGND) jumped 2.40 to 19.07, or 14%, on 1.1 million shares. Green Mountain Coffee Roasters Inc. (GMCR) popped 2.78 to 27.33, or 11%, on 5.6 million shares. Cirrus Logic Inc. (CRUS), which we traded today, gained 2.56 to 30.83, or 9%, on 3 million shares.

3D Systems Corp. (DDD) was up 3.26 to 41.30, U.S. Silica Holdings, Inc. (SLCA) up 1.28 to 16.73, SINA Corporation (SINA) 3.52 to 48.59, Repros Therapeutics Inc. (RPRX) 89 cents to 13.37, and OmniVision Technologies, Inc. (OVTI) 98 cents to 14.33.

The Direxion Daily Gold Miners Bull 3X Shrs (NUGT), which we traded today, jumped 93 cents to 11.92. VelocityShares 3x Long Silver ETN (USLV) advanced 2.74 to 35.19.

On the downside, the ProShares Ultra VIX Short-Term Fut ETF (UVXY) got hammered for 4.73 to 22.64, and the Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.19 to 16.98. The ProShares UltraShort Silver (ZSL) dropped 2.44 to 43.67.

Those were the only point-plus losers on our board today.

It was quite a big day for Wall Street and an important technical day as the key declining topsline and moving averages were broken and closed above, with the NDX and S&P 500 near the highs for the day going away.

It was a spectacular session to start the week and an important day technical.

We’ll see how it goes on tomorrow.

Good Trading!


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- Harry Boxer

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