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.
Net on the day the Dow was up 44.29 to 10291.26, the S&P 500 up 5.50 at 1098.51, and the Nasdaq 100 up 9.78 to 1782.95.
Advance-declines were positive by 3 to 2 on New York and a like amount on Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York on total volume of just about a billion on a light Veterans Day. Nasdaq traded 1.85 billion and had an almost 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher with some fractional gainers and losers. Shippers were strong, with DryShips (DRYS) up 53 cents to 6.77 on 30 million shares. Genco (GNK) up 3.04 to 23.76 on more than 5 million today. Also in that group, Excel Maritime (EXM) was up 70 cents, or 12%, to 6.59, closing at the high for the day. These gains came as a result of the Baltic Dry Index moving up for the 10th consecutive session and other improving shipping conditions.
Goldman Sachs (GS) led the firm financial group, up 3.34 to 179.85. Wells Fargo (WFC) gained 70 cents to 28.80 and JP Morgan (JPM) up 15 cents, a small fraction, 44.32.
Other point-plus gainers included RINO International (RINO) up 1.25 to 23.21, Sonic Solutions (SNIC) up 1.38 to 9.13, a big percentage gain there, and the Direxion Financial Bull 3x Shares (FAS) up 2.76 to 80.57.
The Direxion Large Cap Bull 3X Shares (BGU) was up 86 cents at 56.48, and the Direxion Daily Small Cap Bull 3x Shares (TNA) also up 86 cents to 41.77.
China Automotive (CAAS) advanced 78 cents to 14.62, and China TransInfo (CTFO) 77 cents to 9.34.
Revlon (REV) snapped back 81 cents to 14.51, and Westport Innovations (WPRT) was up 41 cents to 11.62.
On the downside, there were no losses of as much as a point, although American International Group (AIG) lost 84 cents to 36.75, Direxion Financial Bear 3x Shares (FAZ) 70 cents to 18.79, and Protalix (PLX) 60 cents to 11.33.
Stepping back and reviewing the hourly chart patterns, they were up sharply in the morning, down sharply late morning, and then backing and filling for most of the rest of the session, but failing to decisively take out support and closing firm, with gains on the session.
Good trading!
Harry
