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Back-and-Forth Stock Market Session Ends Positive
By Harry Boxer | Published  04/17/2007 | Stocks | Unrated
Back-and-Forth Stock Market Session Ends Positive

The markets had a back-and-forth session but ended up positive once again. The day started out with positive pre market futures, but the market didn’t do much more than open firm and then immediately sold off. However, the sell-off was brief and held support. They rallied into mid morning when they reached the highs for the day. A strong sell-off occurred midday that tested the lows successfully. Then they rallied back to try to retest the highs but fell short, and rolled over but held & backed and filled into the close.

Net on the day the Dow was up 52 Ã,½, the S&P 500 3, and the Nasdaq 100 nearly 1. The Philadelphia Semiconductor Index (SOXX) was down 2.50 today, and that’s what held Nasdaq back from bigger gains.

The technicals were negative today on advance-declines by 106 issues on New York and by 570 issues on Nasdaq. Up/down volume was nearly dead-even flat on New York on total volume of about 1.5 billion. Nasdaq traded just short of 1.9 billion with up/down volume just slightly to the downside.

TheTechTrader.com board was mostly narrowly mixed, except for the solar energy group which had a very negative session after running up sharply lately. Even ESLR, with several announcements and a strong run in the morning to 13.21, gave back all of it and then some, and closed down on the day, at 11.90, down 17 cents on 14 million.

The worst performance came from some of the others. JA Solar (JASO) at 24.93 was down 3.27 on 5 Ã,½ million. Solar Fun Power (SOLF) at 15 was down 2.68 on 4.3 million. Canadian Solar (CSIQ) at 12.10 was down 1.40 on over 800,000. Ascent Solar (ASTI) fell 41 cents.

Other losers of note, Jones Soda (JDSA), which had run up more than 10 points in the last 3 sessions, gave back 40% of it, down more than 4 on 9 million-plus shares. .

Chindex (CHDX), which had also been running lately, experienced some profit-taking and was down 1.12. Portfolio positions Research Frontiers (REFR) gave back 68 cents and Force Protection (FRPT) 48 cents. Sigma Designs (SIGM)lost 62 cents and DXP Enterprises (DXPE) 80 cents.

On the plus side, there were some fractional gainers. Biotech Telik (TELK) gained 54 cents on 18 million plus, Nuance Communications (NUAN) 37 cents, Global Solutions (GSOL) another 90 cents, FuelTek (FTEK) snapped back 46 cents, and Echelon (ELON), a recent Chart of the Week, up 50 cents to 13.35.

Stepping back and reviewing the hourly chart patterns, the indices basically have consolidated their recent run rather nicely without breaking down, holding support and closing with more gains. With options expiration on Friday, we could get some volatility tomorrow and/or Thursday, but right now the market continues to act well and hold support.

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.