logo
  Join        Login             Stock Quote

Another Big Day On The Street

 April 27, 2011 07:18 PM
 


It was another big day for Wall Street. The stock market indices ended near the session highs going away at another new 2011 S&P 500 high. More importantly the indices closed with very positive gains today and strong technicals as well.

The day started out with a gap up right at resistance at 2405 on the Nasdaq 100 and around 1350 S&P 500. They then backed off, tested, and could not break down. Although the S&P 500 made a nominal new low, it was not confirmed by the NDX, which held 2390 and then took off, running from 2390 to nearly 2416. The S&P 500 jumped from 1344 to 1357 1/2. They backed off a little bit before the close, and then firmed into the close.

Net on the day, the Dow was up 95.59 at 12,690.96, the S&P 500 up 8.42 at 1355.66, less than 2 points off its high, and the Nasdaq 100 up 17.56 at 2413.59, about 2 points off its high.

[Related -Microsoft Corporation (MSFT) Earnings Preview: What To Watch In Q2 Results?]

Advance declines were positive by nearly 2 to 1 on the New York Stock Exchange and by about 3 to 2 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York on total volume of just over 900 million. Nasdaq traded just under 2 billion today and had a better than 2 to 1 positive ratio.

So, strong technicals confirming today.

TheTechTrader.com board had several gainers. Leading the way today was major gainer, Regeneron Pharmaceuticals, Inc. (REGN), up 14.91 to 67.05, trading as high as 71 1/2 at one point. Amazon.com Inc. (AMZN) jumped 14.33 to 196.63 after its earnings report, and ReachLocal, Inc. (RLOC), which we traded today, was up 6.04 to 24.03, a 33.57% gain there.

[Related -Netflix, Inc. (NASDAQ:NFLX): Can Netflix Trump Amazon.com, Inc. With New Plans?]

Other gainers of note included LM Ericsson Telephone Co. (ERIC) up 1.75 to 14.89, Centene Corp. (CNC) 1.48 to 35.66, Cardiome Pharma Corp. (CRME) 95 cents to 5.36, and Central European Media Enterprises Ltd. (CETV) 1.27 to 22.15. Rediff.com India Ltd. (REDF), a big gainer for us today, got as high as 16.87, closing up 2.17 to 16.20 on big volume today. Vertex Pharmaceuticals Incorporated (VRTX) was up 2.62 to 55.54, swing trade Rackspace Hosting, Inc (RAX) up 1.86 to 45.80, and Old Dominion Freight Line Inc. (ODFL) 3.11 to 37.62. That was a day trade for us as was Navigant Consulting Inc. (NCI) up 1.08 to 11.04. Lithia Motors Inc. (LAD) was also a day trade, up 1.80 to 16.86. Swing trade Keynote Systems Inc. (KEYN) gained 1.12 to 22.36.

The big low-priced winner in the biotech sector was Genetic Technologies Ltd. (GENE), up 2.29 to 5.46, a percentage gain of 72.25% on nearly 2.9 million today.

On the downside, the only point-plus loser on our board today was Chipotle Mexican Grill, Inc. (CMG), down 1.94 to 263.00 even.

Stepping back and reviewing the hourly chart patterns, the indices moved up early, tested resistance and backed off fairly sharply to test support, which held on the NDX and moved just slightly below it on the S&P 500, and then they had a steady move higher, broke out in the afternoon to new highs and closed not too far off the session highs.

It was a very good day and the rally continues. At this point, however, it's getting quite overbought short-term.

Good Trading!

Harry

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageBuy These Solar Stocks Before They Snapback

Sometimes the market hands you a gift. And it would be foolish not to take it. Thanks to general market read on...

article imageInvestors Are Even More Euphoric And Confident.

As noted on the blog last Thursday, even though the market had been down for three straight weeks, last read on...

article imageThe Butterfly Machine

There’s a phenomenon called the Butterfly Effect. One common quotation is “It has been said that something read on...

article imageWhy Gold Is Undervalued

Gold has been in a bear market for three years. Technical analysts are asking themselves whether they read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.