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Market Overview

Indices Close Positive on Late Bounce

(via COMTEX News Network)--

Indices Close Positive on Late Bounce By Harry Boxer, an publication

The stock market indices had another up day today, but the rout was a little less simple. It opened firm, and then went down, taking out the lows of the last couple sessions on the S&P 500 and the Nasdaq 100. The indices rallied back sharply in a 5-wave advance to midday when they reached their session highs. They pulled back early afternoon and then bounced mid-afternoon to put the indices back in the positive column with the NDX having made a new high for the rally but the S&P 500 not confirming, stymied once again at 1341. We’ll see how significant that is.

Net on the day, the Dow was up 56.15 at 12,626.02, the S&P 500 up 1.34 at 1339.22, and Nasdaq 100 up 7.37 at 2378.58.

Advance-declines were almost 17 to 13 positive on the New York Stock Exchange, ahead by about 380 issues, and positive by 14 to 11 on Nasdaq, or about 350 issues. Up/down volume was slightly positive on New York on total volume of about 800 million, and Nasdaq traded 1.6 billion shares with an 8 to 7 positive volume ratio. board had some big gainers today. Leading the way was SodaStream International Ltd. (SODA), which exploded to a new all-time high, up 6.18 to 76.58. China New Borun Corporation (BORN) was up 1.07 to 6.96. Coffee Holding Co.Inc. (JVA) had another big day, up 1.39 to 20.02 despite selling off from its earlier session high at 20.89. Hansen Medical, Inc. (HNSN) also had a big day, jumping 45 cents to 4.11. India Ltd. (REDF) advanced 71 cents to 11.95, reaching as high as 12.45 today, and VirnetX Holding Corp (VHC) had a huge day, up 3.97 to 36.61, a new all-time closing high.

Among other gainers of note, Synthesis Energy Systems, Inc. (SYMX) jumped 54 cents to 2.41, up 29%. Sky-mobi Limited (MOBI) had another big day, 2.04 to 10.12, up 25%. Hutchinson Technology Inc. (HTCH), which we traded, gained 48 cents to 2.75, up 21%. E-Commerce China Dangdang Inc. (DANG) rose 1.26 to 13.49, or 10%. Renren Inc. American Depositary (RENN) added 76 cents to 10.70, and Alanco Technologies Inc. (ALAN) 27 cents to 2.04, up 15%.

In addition, large-cap stocks were positive, with Apple Inc. (AAPL) up 2.33 to 351.76, Inc. (AMZN) 1.00 even to 214.19, International Business Machines Corp. (IBM) 2.28 to 177.71, and MAKO Surgical Corp. (MAKO) 1.49 to 33.26.

On the downside, Cree Inc. (CREE), a Boxer Short, lost 1.00 even to 31.81. Molycorp, Inc. (MCP) fell 2.62 to 55.98, OmniVision Technologies Inc. (OVTI) got hammered for 1.26 to 33.41, although it reached as low as 31.21 at one point, and Inc (YOKU) dropped 1.06 to 36.73, with ZAGG Incorporated (ZAGG) also down 1.02 to 12.71.

Stepping back and reviewing the hourly chart patterns, the indices were down early in the morning, rallied sharply to midday, backed off in early afternoon, and came back again to close positive on the session.

This is the seventh day out of the last eight on the upside for the indices. Let’s see what happens tomorrow.

Good Trading!


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