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Lackluster Up-Day in Stock Market
By Harry Boxer | Published  02/1/2006 | Stocks | Unrated
Lackluster Up-Day in Stock Market

The markets ended with an up-session on Wednesday, particularly on the blue chip side, when they came back in the afternoon to close near the highs for the day.

The day started out with a gap down, however, particularly on Nasdaq, where Google had a big negative effect with their earnings disappointment last night.  But the market quickly found its footing and had a very strong snapback surge in the morning that basically ended up being the morning highs.  The indices backed and filled and rolled over in the early afternoon, retesting the lows successfully.

Over the last couple hours they rallied fairly steadily in a choppy manner, but it was a rather, what I would call, lackluster up-day & left something to be desired.

The Dow, fed by Boeing's (BA) 3 1/2 point-plus gain, was up 89 today.  The S&P 500 was up 2.38 and the Nasdaq 100 up just 2.27.   The SOX was up about 5 1/2 points today.

The technicals were just marginally positive by 18 to 15 on New York and 16 to 14 on Nasdaq on advance-declines.   Up/down volume was better by about 3 to 2 on New York and 14 1/2 to 8 on Nasdaq.  Total volume on New York was a little less than 1.9 billion, and Nasdaq a little les than 2.3 billion.

TheTechTrader.com board was mostly higher, with some outstanding gainers today.  Leading the way was Nastech Pharmaceuticals (NSTK), which we traded several times early on today, up 2.89 on 1.6 million shares, on positive drug news. 

Former Chart of the Week Astea International (ATEA) continued strong, up 1.06 to 23.45 , another new multi-year high.  Phazar (ANTP) advanced 1.36 and NovAtel (NGPS) 1.14 today.

Other stocks of note, PW Eagle (PWEI), one of our model portfolio positions, was up 55 cents.  Applied Signal (APSG) gained 51 cents, Bentley Pharmaceuticals (BNT) 47 cents, NeoMagic (NMGC) 38 cents, and Sierra Wireless (SWIR) 33 cents.   Smith Micro (SMSI) also advanced 31 cents.

On the downside, the loss leader by far was PEIX, which after a huge run earlier in the week gave back 3 1/2 points today on heavy volume.  Other alternative energy stocks also suffered.  Energy Conversion Devices (ENER) gave back 1.02, DayStar Technologies (DSTI) 73 cents, and Evergreen Solar (ESLR) 70 cents.

The SMH was up 90 cents as a result of the strength in the SOX.

Stepping back and reviewing the hourly chart patterns, the indices successfully tested the rising 40-day moving averages on the hourly charts for the second time this week and along with the successful tests of price support, probably were the main technical reasons for the late bounce in the indices.  But we're still just below the declining tops lines of the last the four sessions, and until we get a break one way or another the indices still have something to prove.

Good trading!

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.