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An Incredibly Bullish Day

 June 29, 2012 07:59 PM
 


The stock market indices had a huge day today as the Europeans got it together in financing the Spanish banks, and the market loved it. The day started out with huge gap ups. A strong early pop was followed by a 20-minute consolidation, and then BOOM, they exploded into late-to-midmorning consolidation on the S&P 500, and went higher on the Nasdaq 100. They stair-stepped their way higher, and by midafternoon, they were solidly higher. There was a little bit of a pullback in the last hour, and then they came on again in the last 20 minutes with a roar, spiked up into the close, finishing at the session highs going away.

Net of the day, the Dow had a huge day, up 277.83 at 12,880.09, just pennies off its high, the S&P 500 was up 33.12 at 1362.16, only 1 penny off its high, and the Nasdaq 100 was up 79.07 at 2615.72, 10 cents off the high.

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

Advance-declines were a little more than 6 to 1 positive on New York, with 2700 up and less than 400 down, and 5 to 1 positive on Nasdaq, with 2165 up and 371 down. Up/down volume was nearly 8 to 1 positive on New York, with 920 million up and 120 million down. Nasdaq traded 1.6 billion, and had a 6 to 1 positive volume ratio.

TheTechTrader.com board was mostly positive. Leading the way was Google Inc. (GOOG) up 15.76 to 580.07. Apple Inc. (AAPL) snapped back 14.95 to 584.00 even, closing at the exact high for the day going away. Amazon.com Inc. (AMZN) was up 7.04 to 228.35. International Business Machines Corp. (IBM) made its way up 4.18 to 195.58. Goldman Sachs (GS) snapped back 2.37 to 95.86.

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

Vertex Pharmaceuticals Incorporated (VRTX) was up 4.74 to 55.92. Onyx Pharmaceuticals, Inc. (ONXX) up 2.48 to 66.45. Sourcefire, Inc. (FIRE) 2.66 to 51.40. Junior oil favorite, Cobalt International Energy, Inc. (CIE), was up 1.58 to 23.50. Pharmacyclics Inc. (PCYC) up 2.13 to 54.61.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 6.15 to 89.20, and Direxion Daily Small Cap Bull 3X Shares (TNA) gained 4.34 to 53.87.

It was certainly a huge day on Wall Street.

Other gainers of note included large percentage gainers. Low-priced Ampio Pharmaceuticals, Inc. (AMPE) jumped 1.14 to 5.08, or 29%, on 4.4 million shares. Constellation Brands Inc. (STZ), which we traded today, gained 5.30 to 27.06, or 24%, on 14.5 million shares. Smith & Wesson Holding Corporation (SWHC) shot ahead 1.42 to 8.31, or 20.6%, on 8.6 million shares. Low-priced Synta Pharmaceuticals Corp. (SNTA) gained 65 cents to 5.47, or 13.5%, on 3.7 million shares.

Home builders were strong, with KB Home (KBH) up 1.10 to 9.80, or 12.6%, on 27 million shares.

Finish Line Inc. (FINL) was up 2.23 to 20.91, or 12%, on 2 million shares. Tibco Software, Inc. (TIBX) advanced 3.09 to 29.92. Kodiak Oil & Gas Corp. (KOG) gained 71 cents to 8.21, or 9 1/2%, on 11.5 million shares.

Stamps.com Inc. (STMP) stair-stepped its way up 2.04 to 24.67, The Allstate Corporation (ALL) up 95 cents to 35.09, PDC Energy, Inc. (PETD) 2.15 to 24.52, Medidata Solutions, Inc. (MDSO) 2.49 to 32.67, and NXP Semiconductors NV (NXPI) 1.75 to 23.23.

The iPath S&P GSCI Crude Oil TR Index ETN (OIL) managed to gain 1.54 to 20.70.

Swing trade Patrick Industries Inc. (PATK) was up 91 cents to 12.75, Groupon, Inc. (GRPN) up 78 cents to 10.63, Unisys Corporation (UIS) 1.37 to 19.55, Gulfport Energy Corp. (GPOR) 1.42 to 20.63, and Sturm, Ruger & Co. Inc. (RGR) 2.75 to 40.15 rounded out our winners for today.

On the downside, the only point-plus losers on our board were the ultra-shorts, and the ProShares UltraShort Silver (ZSL), which was down 5.55 to 67.82. The Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.81 to 18.08. ProShares Ultra VIX Short-Term Futures ETF (UVXY) dropped 1.52 to 9.84. The Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.81 to 22.65. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) lost 2.26 to 14.69.

It was an incredibly bullish day, and a fantastic way to end the week. We'll see if that spills over into Monday. We are at key overhead resistance on the S&P 500 in the 1360-5 zone.

Have a Great Weekend!

Harry

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