Market Overview

Phenomenal Turnaround Tuesday

(via COMTEX News Network)--

Phenomenal Turnaround Tuesday By Harry Boxer, an publication

It was certainly turnaround Tuesday for the stock market indices, especially in the last 75 minutes as the indices exploded, but it was a wild and powerful day.

The indices opened higher, immediately pulled back to test the lows, and then rallied sharply in the morning, plateaued midday, and rolled over hard. When the FOMC spoke, the indices briefly spiked up and then plunged, taking the Nasdaq 100 from 2120 to 2035, which is a very strong downward thrust, taking out yesterday’s lows and support. The indexes spiked down to new pullback lows only to reverse sharply higher, and then explode into the close on heavy short covering. However, in the last 75 minutes the Dow ran up 640 points, the NDX ran 135 points, and the S&P 500 ran from 1101 to 1171, or 70 points. It’s one of the most phenomenal rallies I’ve ever seen, a tremendous close at the highs for the day going away.

Net on the day the Dow was up 429.92 points to 11,239.77, the S&P 500 up 53.07 to 1172.53, and the Nasdaq 100 up an amazing 100.50 to 2160.79. board had an exceptional day as well. Leading the way, Apple Inc. (AAPL) was up 20.80 to 374.01, reversing yesterday’s 21-point loss. Goldman Sachs (GS) was up 5.07 to 122.73, or 11 points off its low, and MAKO Surgical Corp. (MAKO) up 7.47 to 28.88. SodaStream International Ltd. (SODA) gained 4.77 to 67.89, and VirnetX Holding Corp (VHC) jumped from 16 to over 21 at one point, closing up 3.86 to 19.79.

In addtition, Travelzoo Inc. (TZOO) advanced 4.53 to 44.22, Molycorp, Inc. (MCP) 4.67 to 51.00 even, LSB Industries Inc. (LXU) 3.59 to 34.66, InterDigital, Inc. (IDCC) 7.75 to 71.73, International Business Machines Corp. (IBM) 4.39 to 170.61, and Brigham Exploration Co. (BEXP) 2.60 to 25.31, along with quite a few others with strong gains today.

BroadSoft, Inc. (BSFT) jumped 3.13 to 29.13, and Mitek Systems Inc. (MITK) 1.02 to 7.83.

On the downside, there were only one or two losers today. Inc (YOKU) was one of those, down 3.69 to 22.10 on a negative earnings report.

The ultra-shorts got slammed. The Direxion Daily Small Cap Bear 3X Shares (TZA) lost 13.05 to 51.22, and the Direxion Daily Financial Bear 3X Shares (FAZ) fell 18.63 to 61.10, or 20 points off its high, just to name a few.

Stepping back and reviewing the hourly chart patterns, the indices were up early and sharply, but by midday they were rolling over with a very sharp spike low to new multi-week pullback lows, and then a very sharp reversal that pretty much ended what I consider the decline at this point, with a massive reversal rally closing at the highs going away.

You couldn’t ask for more technically as the bulls ran them into the close, closing at resistance. However, we‘ll see if there‘s a follow-through tomorrow. Right now NDX resistance is at 2160, and S&P 500 resistance is around the 1170-71 range.

Good Trading!


For more of Harry Boxer, sign up for a Free 15-Day Trial to his Trading Diary. (
View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at