Categories
Search
 

Web

TigerShark
Popular Authors
  1. Dave Mecklenburg
  2. Momentum Trader
  3. Candlestick Trader
  4. Stock Scalper
  5. Pullback Trader
  6. Breakout Trader
  7. Reversal Trader
  8. Mean Reversion Trader
  9. Frugal Trader
  10. Swing Trader
  11. Canslim Investor
  12. Dog Investor
  13. Dave Landry
  14. Art Collins
  15. Lawrence G. McMillan
No popular authors found.
Website Info
 Free Festival of Traders Videos
Article Options
Popular Articles
  1. A 10-Day Trading System
  2. Use the Right Technical Tools When You Trade
  3. Which Stock Trading Theory Works?
  4. Conquer the Four Fears
  5. Advantages and Disadvantages of Different Trading Systems
No popular articles found.
Bulls Roar Back In Stock Market
By Harry Boxer | Published  06/15/2010 | Stocks | Unrated
Bulls Roar Back In Stock Market

The stock market indices had an exceptional day as the bulls certainly roared today. The indices started out with a gap up, ran hard early on, reached resistance levels and backed off to consolidate, but continued its stair-step advance in a steady fashion, closing near the highs for the day going away in a strong surge with strong technicals to confirm the trend today.

The key to today’s action was that S&P 500 resistance at the 1105-6 level was taken out in the afternoon as the indices continued higher. The Nasdaq 100 broke above initial resistance, but closed right at secondary resistance, just under the 1900 range.

Net on the day, the Dow was up 213.88 at 10,404.77, the S&P 500 up 25.60 at 1115.23, and the Nasdaq 100 up 52.00 at 1897.48.

Advance/declines were about 6 to 1 positive with 2640 up and 445 down on the New York Stock Exchange. Up/down volume was 1.1 billion to the upside and just 47 million to the downside, a very strong positive ratio. On Nasdaq the advance/declines were about 4 to 1 positive, and up/down volume about 6 1/2 to 1 positive.

TheTechTrader.com board, as a result, was mostly sharply higher and many stocks were multiple-point gainers today. Leading the way was Google Inc. (GOOG) up 14.80 at 497.99, Cree Inc. (CREE) up 3.58 at 69.83, and Baidu, Inc. (BIDU) up 2.44 at 75.37. Apple Inc. (AAPL) jumped 5.41 to 259.69, Goldman Sachs (GS) 3.46 to 136.90, and Transocean Ltd. (RIG) 3.73 to 48.51, snapping back sharply from recent losses.

Other point-plus gainers included Amazon.com Inc. (AMZN) up 3.01 at 126.84, Cirrus Logic (CRUS) up 1.17 at 15.39, Dendreon Corp. (DNDN) up 1.81 at 40.59, NetApp, Inc. (NTAP) up 1.46 at 41.38, and portfolio position OmniVision Technologies Inc. (OVTI) 1.43 at 20.64.

RINO International Corporation (RINO) jumped 1.36 at 14.54 and Valassis Communications Inc. (VCI) 1.15 at 38.01.

There were many large fractional gainers as well. Those included Ariba (ARBA), up 99 cents at 16.98, portfolio position China Automotive Systems Inc. (CAAS) 83 cents at 19.20, Las Vegas Sands Corp. (LVS) 75 cents at 26.74, L & L Energy, Inc. (LLEN) 48 cents at 10.11, and Xyratex Ltd. (XRTX) 72 cents at 16.16. Portfolio position Westport Innovations Inc. (WPRT) also advanced 43 cents at 19.42.

Stepping back and reviewing the chart patterns, the indices were up from the get-go, and stair-stepped their way sharply higher in a strong rising channel all day, closing at the session highs going away. Fantastic session for the bulls with very strong technicals to confirm the trend. Just ahead, key overhead resistance at 1900 on the NDX and around the 1118-20 zone on the SPX should be tested early tomorrow.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.