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Indices Mixed in Consolidation-Type Session
By Harry Boxer | Published  04/23/2007 | Stocks | Unrated
Indices Mixed in Consolidation-Type Session

The indices ended mixed on the day. They were up in the morning, down mid-day, and then tried to move back in the afternoon, but rolled over towards the end of the day.

Net on the day the Dow was down 42 Ã,½ and the S&P 500 was down nearly 3 Ã,½, but the Nasdaq 100 was up 4 Ã,¼, despite the fact that the Philadelphia Semiconductor Index (SOXX) was down 3 Ã,¼.

The technicals were negative on both exchanges, but just slightly, by 17 to 15 Ã,½ on advance-declines on New York and about 17 Ã,½ to 13 on Nasdaq.

Up/down volume was 7 to 6 negative on New York and about 10 to 9 negative on Nasdaq. New York traded a little over 1.4 billion, and Nasdaq traded a little under 1.9 billion.

TheTechTrader.com board was very narrowly mixed for the most part, but there were several outstanding gainers. On the plus side, JA Solar (JASO) snapped back 1.42 on 2 Ã,¾ million, and FuelTek (FTEK), recommended by Cramer, was up 1.84 on nearly 2 million shares.

Dendreon (DNDN) had a strong day, jumping from under 15 to over 17, before closing at 16.78, up 1.69 on 36 Ã,½ million shares. Force Protection (FRPT), one of our portfolio positions, hit a new multi-month high, closing at 22.15, up 97 cents on 1.8 million. Parkervision (PRKR) jumped $1.18

On the downside, loss leaders were DXP Enterprises (DXPE), down 1.40, and Chindex (CHDX), down 1.05.

Other than that there were just small fractional gains and losses on my board.

Stepping back and reviewing the hourly chart patterns, the indices consolidated today after the afternoon rally on Friday and the follow-through morning advance. They made new highs on the S&P 500 and Dow, but failed to confirm on the Nasdaq 100. That led to the afternoon pullback, but it was a rather muted one. The current uptrend still remains in place.

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.