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Another Excellent Stock Session
By Harry Boxer | Published  12/2/2010 | Stocks | Unrated
Another Excellent Stock Session

The stock market indices had another excellent day today starting out with a surge at the get-go. They pulled back in the morning, but the S&P 500 held up better than the Nasdaq 100, and at that point they snapped right back to new highs, consolidated midday, then moved higher in the afternoon, closing near the session highs on the SPX and the Dow, and not far off on the NDX.

Net on the day, the Dow was up 106.63 at 11,362.63. The S&P 500 was up 15.46 at 1221.53, and the Nasdaq 100 was up 22.47 at 2185.30.

Advance-declines were about 2 1/2 to 1 positive on the New York Stock Exchange, and a little less than 2 to 1 positive on Nasdaq. Up/down volume, however, was about 6 to 1 positive on New York with total volume of 1.1 billion. Nasdaq traded 2 billion shares and had about a 3 to 1 positive ratio.

TheTechTrader.com board was exceptionally strong today with many point-plus gainers. Leading the way today were retail stocks Abercrombie & Fitch Co. (ANF), up 5.59 to 56.03, and Dillard's Inc. (DDS), up 2.43 to 34.49.

Other strong stocks today included Finisar Corp. (FNSR), up 3.29 to 23.06, and Ku6 Media Co., Ltd. (KUTV), up 2.11 to 8.11, a 35% gainer there, Rediff.com India Ltd. (REDF) jumped 76 cents to 4.64, up 20%. Krispy Kreme Doughnuts Inc. (KKD) advanced 1.28 to 7.44, a 21% gain.

In addition, Gordmans Stores, Inc. (GMAN) rose 2.78 to 16.39, EZchip Semiconductor Ltd. (EZCH) 2.65 to 27.93, Internap Network Services Corp. (INAP) 50 cents to 5.83, and Buckle Inc. (BKE), another retailer, up 2.17 to 38.30.

Other gainers of note, Local.com Corp. (LOCM) was up 1.10 to 5.06, a 28% gain. Ceragon Networks Ltd. (CRNT) advanced 61 cents to 11.66, and Flotek Industries Inc. (FTK) 56 cents to 4.25.

Large cap stocks were firm, with Apple Inc. (AAPL) up 1.75 to 318.15, and Goldman Sachs (GS) up 4.05 to 162.50.

In addition, Cree Inc. (CREE) gained 1.09 to 67.87, Cyberonics Inc. (CYBX) 1.39 to 28.42, and Polypore International Inc. (PPO) 2.67 to 35.12.

Those were the point-plus gainers on our board today.

On the downside, ultra-short ETFs got hammered again today. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 3.64 to 43.31, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 1.35 to 21.92, and the Direxion Daily Financial Bear 3X Shares (FAZ) 84 cents to 11.01.

Stepping back and reviewing the hourly chart patterns, the indices ran hard in the morning, slowed down their angle of ascent, but still moved steadily higher in a rising channel the rest of the day and closed firm on the day. A very, very good day for the indices!

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