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Turnaround Tuesday To The Upside

 October 18, 2011 08:28 PM
 


The stock market had a turn-around Tuesday to the upside. The indices came down hard early on, held key support around 1190-91 on the S&P 500, and the 2310-15 zone on Nasdaq 100. They rallied nicely in a strong 3-wave rally, and then midday consolidated bullishly on the Nasdaq 100, but made higher highs on the S&P 500. That kind of worried us, because we weren't getting confirmation from the NDX. However, late in the session when rumors hit that Germany and France got together for a $2 trillion Europe bailout plan for the banks, the market exploded. The NDX ran, literally, from 2343 to 2375, and the S&P 500 jumped from 1214 to 1233.

They backed off, came on again, and then backed off again, and backed and filled, with the indices closing off the highs of the day.  Net on the day, the Dow was up 180.05 at 11,577.05, reaching as high as 11,652, or 75 points off the high. At one point it was up 255 points, but still it was a very strong close. The S&P 500 was up 24.52 at 1225.38, and the Nasdaq 100 up 30.49 at 2364.87.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

Advance-declines more than 5 to 1 positive on the New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was almost 13 to 1 positive on New York, with nearly 1 billion shares up and 77 million down with total volume of a little less than of 1.7 billion shares traded today. Nasdaq traded more than 1.83 billion shares and had a 5 to 1 positive ratio on advancing volume over declining volume.

Wall Street had a very strong day today, and after the ugly day we had yesterday, we sure needed today's action.

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

TheTechTrader.com board was mostly positive today, to say the least. Apple Inc. (AAPL), which was coming out of earnings after the close, sold off into the close after coming within a point of its all-time high. It closed up 2.25 to 422.24, on nearly 26 million shares traded today. We'll have to see how it goes in the aftermarket.

In addition, First Solar, Inc. (FSLR) was up 2.95 to 55.91, Molycorp, Inc. (MCP) up 2.54 to 39.69, 2.72 to 50.81, Travelzoo Inc. (TZOO) 1.52 to 29.52, Silicon Motion Technology Corp. (SIMO) 1.00 to 15.11, and InterDigital, Inc. (IDCC) 1.58 to 47.74.

Some low-priced stocks had a big day today. Halozyme Therapeutics, Inc.


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