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A Nice Start To The Week

 May 29, 2012 06:33 PM
 


(By Harry Boxer) The stock market indices started out with a bang today, gapping up sharply, pausing, and then running even sharply higher. The NDX reached 2570, and the S&P 500 reached nearly 1335. Then. they rolled over sharply in the morning to midday, reaching the pullback lows. They bounced around, held, moved steadily higher in stair-step fashion, and then spiked up into the close, closing substantially higher.

Net of the day, the Dow was up 125.86 at 12,580.69, about 31 points off its high, the S&P 500 was up 14.60 at 1332.42, only 2 1/2 points off its high, and the Nasdaq 100 was up 31.92 at 2558.97, 12 points off the high.

Advance-declines were nearly 4 to 1 positive on New York, and 2 1/2 to 1 positive on the Nasdaq. Up/down volume was almost 8 to 1 positive on New York, with total volume 715 million shares traded, 630 million up and 80 million. Nasdaq traded 1.6 billion, and had a 3 to 1 positive volume ratio.

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

TheTechTrader.com board was vastly higher today. Leading the way were large-caps stock. Apple Inc. (AAPL) was up nearly 10.00, at 9.98 to 572.27. Google Inc. (GOOG) gained 2.81 to 594.34. Amazon.com Inc. (AMZN) advanced 1.86 to 214.75. International Business Machines Corp. (IBM) was up 2.16 to 196.46. Goldman Sachs (GS) gained 1.62 to 97.86.

[Related -International Business Machines Corp. (IBM): What To Watch In Q3 Results?]

Other gainers of note included VirnetX Holding Corp (VHC), one of our swing trades, which was a day trade of ours. It spiked 3.27 to 33.39, or 10%, on 2.3 million shares. OmniVision Technologies Inc. (OVTI), another one of our day trades, gained 1.21 to 15.40. Cobalt International Energy, Inc. (CIE) snapped back 1.22 to 23.23.

ProShares UltraShort Silver (ZSL) ran up 2.70 to 68.37. The The Direxion Daily Small Cap Bull 3X Shares (TNA) gained 2.11 to 50.45, and the Direxion Daily Financial Bull 3X Shares (FAS) jumped 3.14 to 82.80.

In addition, there were quite a few large percentage gainers on our board today. Leading the way was Microvision Inc.


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