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Positive Week For The Stock Bulls
By Harry Boxer | Published  04/29/2011 | Stocks | Unrated
Positive Week For The Stock Bulls

The stock market indices ended with another strong day although mixed at the close. However, a late pullback on the Nasdaq 100 put them in negative territory. The day started out with a move up, a pullback, a broad rally midday, and then an afternoon consolidation pullback before a late bounce that put the blue chips back in the plus column.

Net on the day, the Dow was up 47.23 at 12,810.54. That’s the first time it closed over 12,800 in a very long time. The S&P 500 was up 3.13 at 1363.61, but the Nasdaq 100 was down 5.82 at 2404.08.

Advance declines were nearly 2 to 1 positive on the New York Stock Exchange and about 14 to 11 positive on Nasdaq. New York had volume of only 900 million, while Nasdaq traded 2.7 billion. That's more than three times the volume traded on New York, a ratio that hasn’t been seen for a long time.

TheTechTrader.com board had a mixed session, but there were several big winners. Leading the way, Ancestry.com Inc. (ACOM) exploded on strong earnings, up 13.64 to 45.70, a 42.5% gain. Qlik Technologies, Inc. (QLIK) was up 3.16 to 32.06, and ZOLL Medical Corp. (ZOLL) up 6.33 to 56.68.

In addition, On Assignment Inc. (ASGN) rose 1.78 to 10.99, Calix Inc. (CALX) 1.74 to 21.86, Allot Communications Ltd. (ALLT) 86 cents to 16.35, Dendreon Corp. (DNDN) 1.16 to 43.43, Apple Inc. (AAPL) 3.38 to 350.13, True Religion Apparel Inc. (TRLG) 2.43 to 30.22, and Silicon Motion Technology Corp. (SIMO) 1.02 to 12.18, although it traded almost a point higher earlier.

Among other gainers of note, LSB Industries Inc. (LXU), one of our swing trades, was up 1.12 to 40.35, IntraLinks Holdings, Inc. (IL) 80 cents to 31.76, Flotek Industries Inc. (FTK) 52 cents to 9.58, Exact Sciences Corporation (EXAS) 39 cents to 8.01, Star Scientific, Inc. (CIGX) 39 cents to 4.01, and portfolio position Rackspace Hosting, Inc (RAX) 43 cents to 46.19.

On the downside, the only point-plus loser on our board was Travelzoo Inc. (TZOO) down 2.26 to 81.87.

Fractional losers included Keynote Systems Inc. (KEYN) down 89 cents to 21.34, Molycorp, Inc. (MCP) 82 cents to 73.30, and SodaStream International Ltd. (SODA) 85 cents to 45.74.

Stepping back and reviewing the hourly chart patterns, the indices were down early, rallied midday, and then consolidated near the highs for most of the afternoon before taking a dip and then coming back late in the day.

This was a very positive week for the bulls. We’ll have to see how next week goes.

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