In a nutshell we had a choppy session that ended narrowly mixed. The day
started out with a quick move down. They held trendline support and bounced
sharply, ran right back up to the highs on the Nasdaq 100 and actually took them
out on the S&P 500 to new session highs, and then stair-stepped down in a
3-wave pullback that retested the trendlines again, held again, and then rallied
in the last couple hours back up. They got just beneath the highs, couldn't
punch through, and then backed off. In the last few minutes they came on again
to close mixed on the session.
Net on the day the Dow was down just 11.72, the S&P 500 up 2.67, and the
Nasdaq 100 down 6 1/2. The Philadelphia Semiconductor Index (SOXX) was down 1
3/4.
The technicals were also mixed. Advance-declines were ahead by a little less
than 400 issues on New York and behind by about 70 issues on Nasdaq. Up/down
volume was 7 to 5 positive on New York on total volume of 1.3 billion. Nasdaq
traded 1.95 billion and had a negative ratio of 10 to 9 on declining declining
over advancing volume.
TheTechTrader.com board was extremely mixed as well. Energy Conversion
Devices (ENER) extended its strong rally of the last couple days, reached as
high as 64.46 from a recent low under 53, but closed at 63.09, still up 3.79
today on 3 1/4 million. Recent Chart of the Week Trex Co. (TWP) at 21.08 was up
1.11, and Canadian Solar (CSIQ) at 24.95 was up 1.33. Brigham Exploration (BEXP)
at 13.34 was up 1.25.
Losers included AIG, which got slam-dunked down to 11 1/2, before bouncing
near the close, but still down 5.41 today on 315 million shares traded. Other
losses of note: LEH got hammered to 3.17 before a very late rally snapped them
back to 3.65, but was still down 57 cents on 300 million shares, and rumors
abound about a takeover that may be announced this weekend.
WM also got hammered down to 2.43 earlier in the day, rallied to 3.29, and
backed off to 2.73, a very volatile session there, on 300 million shares traded.
Other gainers of note, Converted Organics (COIN) continued its very strong rally
since we highlighted it , reaching as high as 9 today, closing at 8.69, up 57
cents. Yesterday's Chart of the Day Continental Airlines (CAL) closed near the
high for the day at 18.95, up 44 cents on 13.7 million. A-Power Energy (APWR)
snapped back 68 cents, Focus Media (FCMN) 77 cents, JA Solar (JASO) 60 cents and
Solarfun (SOLF) 88 cents.
Former favorite junior biotech Questcor (QCOR) jumped 78 cents, closing at
6.79, a new multi-year high, breaking out of a 9-month trading range.
Stepping back and reviewing the hourly chart patterns, as indicated the
indices were back and forth for most of the session, trading in a wide range,
but closed mixed on the day, inconclusive evidence as to where the trend lies.
The indices do have an opportunity to turn it around if they can thrust strongly
on Monday, but a week opening would be ominous for the market.
