The stock market indices had another great day as the market went higher. The Nasdaq 100 tested key overhead resistance levels, while the S&P 500 pressed up against the 1360 level as well and had a solid day.
The day started out with a move up sharply at the opening, consolidated nicely for the next couple hours, and then started a post-lunch rally that lasted well into the afternoon. Only in the last half hour did they back off.
Net on the day, the Dow was up 75.68 at 12,760.36, reaching 12,081 at one point. The S&P 500 was up 10.57 at 1357.16, just 2 points off its high. The Nasdaq 100 was up 20.38 at 2411.35, about 3 points off its high.
Advance-declines were about 4 to 1 positive on the New York Stock Exchange and about 3 to 1 positive on Nasdaq. Up/down volume was 4 1/2 to 1 positive on New York with total volume of a little over 800 million. Nasdaq traded around 2 billion shares and had nearly a 4 to 1 positive ratio today.
It was a very bullish day for stocks today, and TheTechTrader.com board was mostly positive, with many point-plus gainers. Leading the way was day trade pick, Fossil, Inc. (FOSL), up 11.97 to 105.97. By far, the biggest percentage gainer for us was ServiceSource International (SREV), up 4.35 to 19.26, or 29%, on 2 3/4 million traded.
Among other gainers of note, SodaStream International Ltd. (SODA) was up 3.21 to 46.22. Swing trade pick Ultratech, Inc. (UTEK) gained 1.48 to 32.75. Rackspace Hosting, Inc (RAX) advanced 1.46 to 44.73, day trade Mindray Medical International Limited (MR) jumped 2.13 to 29.67, and Medifast Inc. (MED), also a day trade, was up 3.64 to 24.03. Amazon.com Inc. (AMZN) added 3.14 to 203.94.
In addition, Apple Inc. (AAPL) jumped 1.85 to 349.45, day trade Dean Foods Co. (DF) 1.26 to 12.24, Global Crossing Ltd. (GLBC) 1.78 to 26.71, Goldman Sachs (GS) 1.28 to 150.40, and International Business Machines (IBM) 1.28 to 170.38.
Those were the point-plus gainers on our board today.
On the downside, Molycorp, Inc. (MCP), on news of an exploration lock-up period, fell 5.13 to 66.47, and was down another 3.00 on an after hours earnings release.
Ultra-short ETF Direxion Daily Financial Bear 3X Shares (FAZ) lost 1.14 to 40.11, and the Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 1.52 to 32.85.
Stepping back and reviewing the hourly chart patterns, the indices were up early sharply, pulled back and consolidated nicely in an orderly fashion. They broke out in the afternoon and ran sharply to new highs near 2450 NDX and just under 1350 S&P 500. They did back off at the close, but had a very solid bullish session today for the indices.
We’ll see how tomorrow goes.
Good Trading!
Harry
