Another very bullish day on Wall Street as the indices exploded on very strong pre-market futures due to blowout earnings from Intel (INTC) and JP Morgan (JPM).
The indices gapped up, but were quickly met by selling, albeit fairly muted. The indices then went back and forth in coiling action on the Nasdaq 100 and in a rising flag pattern on the S&P 500. Only late in the session were they able to breakout and surge to new 2009 highs, reaching over 1756 on the NDX and across 1093 on the SPX.
Net on the day the Dow managed to close over 10,000 for the first time since October 2008, up 144.80 to 10,015.86. The S&P 500 was up 80.83 to 1092.02, and the Nasdaq 100 up 23.99 to 1754.26.
Advance-declines were positive by 3 to 1 on New York and a like amount on Nasdaq. Up/down volume was about 8 to 1 positive on New York on total volume of about 1 1/4 billion. Nasdaq traded about 2 1/2 billion and had about a 5 to 1 positive volume ratio.
TheTechTrader.com board was mostly narrowly changed, although there were some point-plus gainers and losers.
Financials led the way, with JPM up 1.50 and Wells Fargo (WFC) 1.28, but the big boy Goldman Sachs (GS) jumped 5.05 to 192.28.
The Direxion Financial Bull 3x Shares (FAS) exploded for nearly 8, up 7.98 to 93.89. Former portfolio position CGA at 13.63 was up 1.36.
Other gainers of note Vanda Pharmaceuticals (VNDA) snapped back 47 cents on 4 1/2 million shares, as did NutriSystem (NTRI) up 46 cents.
Human Genome Sciences (HGSI) jumped 75 cents on an upgrade, closing at 19.16. GE gained for 45 cents to 16.84. Portfolio position EDAP (EDAP) was up 41 cents to 4.09. Dendreon (DNDN) added 53 cents to 29.33.
On the downside, the loss leaders were the ultrashorts, as would be expected, with the Direxion Financial Bear 3x Shares (FAZ) down 1.82, the Direxion Large Cap Bear 3X Shares (BGZ) down 1.01, the Direxion Small Cap 3x Bear (TZA) down 67 cents, and the UltraShort Real Estate ProShares (SRS) down 72 cents.
Stepping back and reviewing the hourly chart patterns the indices gapped up, moved sideways in a coiling action, and then exploded in the afternoon before backing off the session highs into the close.
Good trading!
Harry
