The indices had a huge rally today, gapping up sharply at the opening, running hard in the morning, and then working their way steadily higher in a rising channel all session. Then in the last 15minutes they exploded into the close, closing at the highs for the day going away. The bulls couldn’t ask for more.
Net on the day the Dow was up 203.52 at 10,226.94, just 2 points off its high. The S&P 500 gained 23.78 to 1093.08, just pennies from its high, and the Nasdaq 100 was up 37.64 to 1768.40, 1 cent off its high.
Advance-declines were better than 5 to 1 positive on New York but only 2 1/2 to 1 positive on Nasdaq. Up/down volume was about 19 to 1 positive on New York on light total volume of under 1 1/4 billion. Nasdaq traded just over 1.9 billion and had about a 4 to 1 positive volume ratio.
TheTechTrader.com board was chiefly higher, except for some ultrashorts and a few scattered small fractional losses.
Leading the way on the plus side today, Revlon (REV) leapt 4.01 or 37% to 14.79. Fuel System Solutions (FSYS) rose 2.98 to 47.57 and Rambus (RMBS) 1.50 to 18.11.
Financials were strong, with Goldman Sachs (GS) up 4.79 to 176.57, Wells Fargo (WFC) 1.28 to 28.40, and JP Morgan (JPM) 87 cents to 44.35.
The Direxion Financial Bull 3x Shares (FAS) gained 7.41 to 78.56, Direxion Large Cap Bull 3X Shares (BGU) 3.57 to 55.63, and the Direxion Daily Small Cap Bull 3x Shares (TNA) 2.36 to 41.80.
The U.S. Oil Fund ETF (USO) jumped 80 cents to 40.50 as crude oil firmed. American International Group (AIG) added 70 cents to 36.18, and China Automotive (CAAS) 81 cents to 13.30.
Sourcefire (FIRE) advanced 76 cents to 22.06, Human Genome Sciences (HGSI) 71 cents to 28.30, and Protalix BioTherapeutics (PLX) 42 cents to 12.14.
Sonic Solutions (SNIC) was up 29 cents to 7.88 reaching as high as 8.11, and Westport Innovations (WPRT) 76 cents to 10.94.
Stepping back and reviewing the hourly chart patterns, you couldn’t ask for a more orderly advance today, with a gap up, strong run, and then a shallower but steady angle of ascent that repeatedly and successfully tested the intraday moving averages without penetrating them.
The indices are now very close to their 2009 highs in the 1780-81 zone on the NDX, today closing at 1768. The SPX closed at 1093 with its 2009 high near 1101. So we may get a test of those highs as early as tomorrow morning.
Good trading!
Harry
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