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Stock Market Marking Time Ahead of Fed Announcement
By Harry Boxer | Published  03/27/2006 | Stocks | Unrated
Stock Market Marking Time Ahead of Fed Announcement

The indices were mixed at the close on Monday, but mostly lower.  The day started out with a move up on Nasdaq, but a move down on the S&P 500 and Dow.  That diversion caused a mixed picture early on. They did try a mid-day rally but failed to take out the highs and then rolled over in the last hour or so.

Net on the day, the Dow was down 30, the S&P 500 down 1 1/3, and the Nasdaq 100 was up 0.82.  The SOX was off a point as well.

The technicals were about 9 to 7 negative on advance-declines on New York and nearly flat on Nasdaq.  Up/down volume was 7 to 6 negative on New York, but about 11 to 6 positive on Nasdaq.  Total volume was more than 1 1/3 billion traded on New York, and more than 1.8 billon on Nasdaq.

TheTechTrader.com board was mostly higher, led today by DexCom (DXCM), which on positive FDA news & upgrades was up 1.39, but closed disappointedly about 2 1/2 points off its earlier high. Fuel Tech (FTEK) advanced 1.14, closing at 16 on 1.8 million shares.  Neoware Systems (NWRE) roared ahead by 1.94, closing not far off the highs for the year.  Smith Micro (SMSI) to a new multi-year high, up 1.14, closed over 12.

Other portfolio positions, Pacific Ethanol (PEIX) was up 74 cents, PW Eagle (PWEI) up 46 cents, and Sify Ltd. (SIFY) up 33 cents.  LanVision (LANV) was up 33 cents, Nitches (NICH) up 40 cents, Endwave (ENWV) up 63 cents, and Dynamic Materials Corp. (BOOM) 56 cents.

On the downside, BioCryst Pharmaceuticals (BCRX) gave back 99 cents and was the loss leader on our board.  Other stocks that gave it up today were Stereotaxis (STXS), down 56 cents, and Services Acquisition Corp. (SVI) 60 cents.  Universal Display (PANL) fell 39 cents.

Stepping back and reviewing the overall picture, the indices basically were mixed today ahead of tomorrow's Fed meeting and announcement.  That, of course, may be very important in determining where the market goes over the next few sessions.

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.