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Mixed Session...Bullish Consolidation?

 November 21, 2012 12:01 AM
 


The stock market indices had a consolidation session and quite a volatile one by the end of the day. They ended the day back up near flat after a very steep pullback caused by Fed Bernanke's comments about the fiscal clip rollover. He said they won't be able to do anything about it, an irresponsible statement, in my opinion, but that's the way it goes.

The day started out with a gap down. They rallied back in 3-wave fashion to the highs for the day just before midday. They began the pullback and rolled over sharply around one o'clock before reaching their session lows midafternoon, and then coming back with a vengeance with the S&P 500 jumping from 1377 to 1388, and the Nasdaq 100 from 2571 to 2595.

Net on the day, the Dow was down just 7.45 at 12,788.51. The S&P 500 was up .93 at 1387.82, 10 points off its low. The Nasdaq 100 closed down 1.17 at 2594.66, about 24 points off its low.

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Advance-declines were positive 360 issues on the New York Stock Exchange, but negative by 120 issues on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 625 million shares. Nasdaq traded over 1.55 billion and had a 8 to 7 positive volume ratio.

TheTechTrader.com board was mixed with Google Inc. (GOOG) up 1.76 to 669.97, Apple Inc. (AAPL) down 4.82 to 560.91, but Amazon.com Inc. (AMZN) up 4.07 to 233.78.

Other gainers of note included Netflix Inc. (NFLX) up 1.04 to 82.40, Onyx Pharmaceuticals, Inc. (ONXX) up 1.45 to 74.46, and Affymax, Inc. (AFFY) 60 cents to 23.26.

The Direxion Daily Financial Bull 3X Shares (FAS) jumped 1.54 to 104.28, and the Direxion Daily Small Cap Bull 3X Shares (TNA) was up just 34 cents to 52.16 and led the way on 1400% more volume than normal.

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In addition, Krispy Kreme Doughnuts, Inc. (KKD) was up 1.77 to 9.31, or 23%, on 9 million shares. Dycom Industries Inc. (DY) gained 2.23 to 17.62, or 15%, on 1.5 million shares. Daktronics Inc. (DAKT) advanced 1.25 to 9.39, or 15%. Cleantech Solutions International, Inc. (CLNT) jumped 89 cents to 4.57, or 24%. Endocyte, Inc. (ECYT) ran up 75 cents to 8.50, or 10%.

DSW Inc. (DSW) was up 5.51 to 67.80, cents to 12.02, Impac Mortgage Holdings Inc. (IMH) up 91 cents to 12.58, Sturm, Ruger & Co. Inc. (RGR) gained 2.69 to 51.52, and Molycorp, Inc. (MCP) jumped 39 cents to 7.02.

ProShares Ultra DJ-UBS Natural Gas (BOIL) popped 2.63 to 55.74. ProShares UltraShort DJ-UBS Crude Oil (SCO) was up 1.92 to 44.48.

Home builders did well today. Ryland Group Inc. (RYL) was up 1.92 to 34.28, and Standard Pacific Corp. (SPF) gained 45 cents to 6.90.

Stepping back and reviewing the hourly chart patterns, the indices were choppy and rallied from the opening pullback in a 3-wave rally up to the session highs near 1390 S&P 500 and just under 2599 NDX. They rolled over very hard in the afternoon but snapped back in a fantastic two-hours rally that took them all the way back to the sharp pullback lows midday to afternoon highs and near the session highs. The S&P 500 managed to get into the plus column, although Dow and NDX did not. They were only off very small losses today.

We'll see how it goes on tomorrow. It might have been a bullish consolidation day.

Good Trading!

Harry

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