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Rally Continues As Indices Close Near Session Highs

 February 09, 2011 01:34 AM

The stock market indices continued their rally today and ended near the session highs and two-year highs going away.

The day started out with a little bit of a dip. Support was tested successfully, and then they sparked a rally, retested about a 50 percent retracement, and rallied back to retest the highs. The S&P 500 made new highs, while the NDX failed to do so and backed off mid-afternoon. Then they came on again and took out those highs and kept going in stair-step fashion, closing near the highs for the day going away.

Net on the day, the Dow was up 71.52 at 12,233.15. The S&P 500 up 5.52 at 1324.57, just pennies off its high. The Nasdaq 100 up 14.41 at 2363.61, also just pennies off its high.

[Related -Gold hasn’t lost its allure in my portfolio]

Advance-declines were 2 to 1 positive on the New York Stock Exchange, and about 3 to 2 positive on Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, with total volume of only 862 million shares. Nasdaq traded about 1.8 billion shares and had about a 10 to 8 positive volume ratio.

TheTechTrader.com board had a very strong day. A good example of this is Innophos Holdings Inc (IPHS), up 5.32 to 40.41. Zygo Corp. (ZIGO) was up 1.56 to 13.09, Jazz Pharmaceuticals, Inc. (JAZZ) 1.11 to 23.26, and Pike Electric Corporation (PIKE) 1.04 to 9.55.

Silicon Graphics International Corp. (SGI) advanced 1.04 to 15.62 and Molycorp, Inc. (MCP) 4.08 at 55.39, both swing trade picks of ours. Exide Technologies (XIDE) rose 1.40 to 11.85, and Oculus Innovative Sciences, Inc. (OCLS) 41 cents to 2.25.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

In the rare-earth group, Avalon Rare Metals, Inc. Ordina (AVL) jumped 88 cents to 7.73, Rare Element Resources Ltd. (REE) 61 cents to 14.95, and China Shen Zhou Mining & Resources, Inc. (SHZ) 50 cents to 6.86, along with Molycorp, already mentioned.

Other gainers of note included Synchronoss Technologies, Inc. (SNCR) up 3.90 to 35.05, and MGM Resorts International (MGM) 75 cents to 15.69. Low-priced USA Technologies Inc. (USAT), also a swing trade pick of ours, gained 28 cents to 2.03. Cimatron Ltd. (CIMT) was up 65 cents to 4.95, UQM Technologies Inc. (UQM) 84 cents to 3.66, and Centene Corp. (CNC) 1.45 to 29.20.

Among the fractional gainers, TowerStream Corporation (TWER) gained 29 cents to 5.02, Sunrise Senior Living Inc. (SRZ) 44 cents to 8.92, SuperMedia Inc. (SPMD) 52 cents to 7.54, Integrated Silicon Solution Inc. (ISSI) 55 cents to 11.72, Frontier Oil Corp. (FTO) 90 cents to 23.49, BSQUARE Corp. (BSQR) 97 cents to 10.39, and ISTA Pharmaceuticals Inc. (ISTA) 65 cents to 7.47.

In addition, Amazon.com Inc. (AMZN) jumped 6.63 to 183.06, and Apple Inc. (AAPL) 3.32 to 355.20. Goldman Sachs (GS) rose 1.42 to 168.55, Coinstar Inc. (CSTR) Coinstar Inc. (CSTR) 1.86 to 42.30, Lululemon Athletica Inc. (LULU) 2.50 to 80.89, and Travelzoo Inc. (TZOO) 1.65 to 43.25.

It was a spectacular day for TheTechTrader.com board today, as there were no point-plus losers on our board today.

Stepping back and reviewing the hourly chart patterns, the indices had some swings today, but ended up with a strong intraday uptrend, closing at the highs for the day going away and at more new highs for 2011 and going back two years on the indices across the board.

Good Trading!




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