Mixed Results to End the Week |
By Harry Boxer |
Published
11/30/2007
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Stocks
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Unrated
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Mixed Results to End the Week
The markets ended the week with a mixed session and despite the very strong pre-market futures, which did create a very strong opening gap, the indices basically reached their highs for the session very near the start of the session. They then sold off sharply in the morning, with the NDX having a much steeper sell-off, taking out initial support with the S&P 500 holding. When the NDX made lower lows mid-day and the S&P still hadn't broken support, they tried a more extensive bounce, but the NDX couldn’t do much more than consolidate in bear-flag type fashion and they rolled over in the afternoon. They went sharply to the session lows with about an hour to go and snapped back in the last hour to close right at intraday resistance on the Nasdaq 100 and the S&P 500.
Net on the day the Dow was up 60, the S&P 500 up 11.42, the Nasdaq 100 down 13.32 and the Philadelphia Semiconductor Index (SOXX) down 5.50.
Advance-declines were positive, however, by 2 1/2 to 1 on New York, but by only about 300 issues on Nasdaq. Up/down volume was positive on New York, negative on Nasdaq. The numbers were about 3 to 1 positive on New York on total volume of about 1.9 billion traded, fairly heavy volume there. But Nasdaq had about a 7 to 5 negative ratio, with about 2 1/2 billion traded.
TheTechTrader.com board was mixed with some outstanding gainers. The shipping stocks had another good day, with DryShips (DRYS) up 4.52, which was about 4 1/2 points off the session high. Excel Maritime (EXM), which had been ahead as much as 4 1/2, ended up just 79 cents, and TBS International (TBSI) closed up 3.41, but still about 2 points off its high.
Chinese stocks were mixed with several outstanding issues. One of our recent Charts of he Day, China Finance Online (JRJC), was up 4.36. China Medical Technologies (CMED) was up 2.07, and Home Inns & Hotels (HMIN) 1.30.
Junior solar stocks were mixed, with Canadian Solar (CSIQ) down 1.50 and Ascent Solar (ASTI) down 7 cents, while Solarfun (SOLF), our Chart of the Day yesterday, gained 1.16.
Israel stock Blue Phoenix (BPHX) was up 1.18.
On the downside, DivX (DIVX) gave back 1.09 and the SDS was down 1.15. But other than that there were no point-plus losers on our board.
Stepping back and reviewing the hourly chart patterns, after Ã,½ a week of sharp gains the indices pulled back and consolidated today. They did break some minor support but snapped back at the end of the day, closing mixed.
We'll have to see if follow-through is to the upside or downside next week. But the indices did back off of significant resistance today at the 2120 area on the Nasdaq 100 and the 1490 area on the S&P 500. Those levels remain key overhead resistance.
Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a free 15-day trial to his Real-Time Technical Trading Diary, or sign up for a free 30-day trial to his Top Charts of the Week service.
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