The stock market indices gapped up sharply at the opening, ran all day, and only in the last half hour did they pull back, but still closed sharply higher on the day.
Net on the day, the Dow was up 93.47 at 12,719.49, the S&P 500 up 14.00 at 1353.22, and Nasdaq 100 up 34.31 at 2412.89.
Advance-declines were 4 to 1 positive on the New York Stock Exchange and 3 1/2 to 1 positive on Nasdaq. Up/down volume was about 4 1/2 to 1 positive on New York on total volume of a light 840 million, and Nasdaq traded 1.85 billion shares with a 5 1/2 to 1 positive volume ratio.
It was a very strong day technically, but a little light on volume on New York.
TheTechTrader.com board was mostly higher, with quite a few stocks having big gains today. However, one in particular that reversed sharply off the new all-time high was SodaStream International Ltd. (SODA), down 4.71 today to 71.87.
On the plus side, Apple Inc. (AAPL) was up 5.44 to 357.20, Coffee Holding Co.Inc. (JVA) up 2.33 to 22.35, and Global Crossing Ltd. (GLBC) 1.50 to 41.30. Cree Inc. (CREE) snapped back 1.67 to 33.48 on short covering. Molycorp, Inc. (MCP) rose 1.41 to 57.39, Abraxas Petroleum Corp. (AXAS) 42 cents to 4.55, and China New Borun Corporation (BORN) 95 cents to 7.91.
Two low-priced Chinese stocks were percentage leaders today. China Auto Logistic Inc. (CALI) was up 91 cents to 2.07, or 79%, and ChinaNet Online Holdings, Inc. (CNET) up 1.01 to 2.60, or 63.5%.
Other gainers of note included Express-1 Expedited Solutions Inc (XPO), a stock we traded today, up 50 cents to 3.59, or 16 1/2%. Ocz Technology Group Inc. (OCZ), another pick of ours, gained 1.32 to 9.66, or 16%. Bebe Stores, Inc. (BEBE) added 1.01 to 7.75, or 15%, with Hot Topic Inc. (HOTT) up 98 cents to 8.40, or 13%. Kongzhong Corp. (KONG) jumped 66 cents to 5.83, or 13%, and Zalicus Inc. (ZLCS) 29 cents to 2.89, or 11%.
On the downside, ultra-short ETFs got hammered today, with the Direxion Daily Financial Bear 3X Shares (FAZ) down 1.90 to 41.64, the Direxion Daily Small Cap Bear 3X Shares (TZA) 1.47 to 30.95, and the ProShares UltraShort DJ-UBS Crude Oil (SCO) 1.84 to 45.25. In addition, the only other point-plus loser on our board today was International Business Machines (IBM), down 1.23 to 176.48.
Stepping back and reviewing the hourly chart patterns, the indices after large opening gaps ran hard all day into the late afternoon when they rolled over in profit-taking late in the session.
But the rally rolls on. The S&P 500 has now run from 1263 to 1356, pushing a hundred points now in the last couple weeks.
Good Trading!
Harry
