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Explosive Rally!

 March 13, 2012 08:16 PM
 


The stock market indices had a phenomenal day today as the indices gapped up, consolidated, ran hard, and by midday they were consolidating. They tried to rollover in the afternoon, but when strong financial news came out in reference to the banking industry, the markets exploded, and closed at the highs for the day going away.

Net on the day, the Dow was up 217.97 at 13,177.68, the S&P 500 up 24.86 to 1395.95, and the Nasdaq 100 up 50.58 at 2697.43.

They were all just small fractions off their high for the day.

Advance-declines were more than 4 to 1 positive on the New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was 10 to 1 positive on New York, with total volume of 880 million shares traded today. Nasdaq traded about 1.65 billion shares and had a 7 to 1 positive volume ratio.

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

TheTechTrader.com board was phenomenal today as well. Most of our stocks did very well. Apple Inc. (AAPL) was a standout, exploding 16.10 to 568.10, just pennies off its all-time highs.

Among other gainers of note, banking stocks led the way with Goldman Sachs (GS) up 7.55 to 124.54, Wells Fargo & Company (WFC) up 1.82 to 33.33, JPMorgan Chase & Co. (JPM) 2.85 to 43.39, Citigroup, Inc. (C) 2.16 to 36.45, and Morgan Stanley (MS) 73 cents to 18.93.

So a very, very strong banking sector leading the way today, along with many tech stocks as well.

Some of the better performers were Omeros Corporation (OMER), a stock we traded, which exploded and broke through key resistance, closing up 2.58 to 10.22, or 34% today. Low-priced ACADIA Pharmaceuticals Inc. (ACAD) was up 34 cents to 2.05, or 19%. Carmike Cinemas, Inc. (CKEC) shot up 1.70 to 10.70, or 17 1/2% on strong earnings. Edac Technologies Corporation (EDAC) jumped 1.88 to 13.53, or 16%. IDT Corporation (IDT) snapped back with vengeance today, up 1.34 to 9.74, or 16%.

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

In addition, Vaalco Energy Inc. (EGY) was up 1.20 to 8.69, or 16%. Allot Communications Ltd. (ALLT), which we put out as a swing trade, closed up 2.61 to 20.74, or 14%, on 2.25 million shares. GeoEye, Inc. (GEOY) advanced 2.54 to 22.34. Overseas Shipholding Group, Inc (OSG) was up 82 cents to 9.85 in a fairly strong shipping sector today. Procera Networks, Inc.


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