The markets were up again in a very sharp rally to start the week. The day started out with a gap up and a very strong rally that took them to new 2009 highs. They then backed and filled for a few hours and then made nominal new highs above that, reaching 1814 and change on the Nasdaq 100 and close to 1114 on the S&P 500. Then a quick sharp sell off ensued, but in the last 20 minutes they snapped back to close positive.
Net on the day the Dow was up 136.64 at 10407.11, the S&P 500 up 15.81 at 1109.29, and the Nasdaq 100 up 18.95 at 1807.56. The Philadelphia Semiconductor Index (SOXX) was up 6.33, more than 2 percent.
Advance-declines were positive by nearly 5 to 1 on New York and by nearly 3 to 1 on Nasdaq. Up/down volume was more than 7 to 1 positive on New York on total volume of just over 1.1 billion. Nasdaq traded more than 2 billion and had a 4 to 1 positive volume ratio.
TheTechTrader.com board was nearly all positive other than the ultrashorts. Leading the way was shipper Genco (GNK), which advanced 2.71 to 27.62, along with Fuel System Solutions (FSYS), up 2.80 to 50.47.
The Direxion Daily Small Cap Bull 3x Shares (TNA) was up 3.15 to 43.75, the Direxion Financial Bull 3x Shares (FAS) 2.60 to 78.78, and Direxion Large Cap Bull 3X Shares (BGU) up 2.52 to 58.19. The U.S. Oil Fund ETF (USO) gained 1.17 to 40.29.
RINO International (RINO) jumped another 2.18 to 28.84. Revlon (REV) continued its monster move of the last two weeks from under 6 to almost 17 today, closing at 16.88, up another 1.72.
Westport Innovations (WPRT) added 1.12 to 12.23, and Nanometrics (NANO) 1.24 to 12.64.
Low-priced Netlist (NLST) continued its explosive move as well, reaching as high as 6.87 from less than 65 cents last week, closing at 6.24, up 1.77 on 25.6 million.
Human Genome Sciences (HGSI) gained 1.08 to 28.97.
Among the fractional moves, Sourcefire (FIRE) advanced 90 cents to 22.16, and Brigham Exploration (BEXP) reached 11.45, a new 52-week high, closing at 11.19, up 50 cents.
Sonic Solutions (SNIC) added 85 cents to 9.90.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the first hour, meandered higher, and then rolled over with about an hour to go, only to snapback in the last 20 minutes to close on a positive note.
BloggingStocks: Analyst upgrades:
Credit Suisse upgraded Sprint Nextel (S) to outperform from neutral and raised its target to $6 from $4. The firm believes Sprint Nextel's core business is turning and that valuation is attractive. Credit Suisse also added ... Read more
The indices finally backed off as profit taking finally set in, but they started with a bang to the upside early on and hit nominal new 2009 highs before they began to back off in the morning.
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We had a big day for shipping firms today in the stock market, with SEA (Claymore-Delta Global Shipping ETF) moving up over 3%, and some shipping companies posting gigantic advances: EGLE up 16%, OCNF up 15%, GNK up 15%. So what is the real reason for the sudden optimism in this beaten-down, depressed and desolate [...]
The markets managed to eek out another gain today, although they had a rough road. Despite the early big gap-up and strong surge that took them to new 2009 highs, taking out the October highs on both indices, they reversed sharply lower, bounced and then came down and made lower lows, but only slightly, and couldn’t follow-through to the downside in mid-afternoon when they hit their session lows. Then an afternoon 3-wave rally brought them back towards intraday resistance but closed them right there.[More...]
After a thrilling two-week rally in the stock market during early September, shippers began to fall. They had been enjoying a nice rally on the general premise of economic recovery, market stabilization, and rising materials prices. But suddenly on September 17th, the shipper sector broke, and leading names fell - plummeted, actually, at a much faster rate than the modest pullback in the general market would have implied.[More...]
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