Mixed Close as Dow Edges Lower

Mixed Close as Dow Edges Lower By Harry Boxer, www.TheTechTrader.com an AdviceTrade.com publication

The indices ended mixed at the end – but it was a pretty interesting day. There was a lot of back and forth vacillation and volatility in the morning, but they failed to break them down below 1660 NDX and 1035 SPX.

By late morning they started a rally that took out the highs just slightly, and then backed off and consolidated in what looked like bull flags. The indices then popped out to new session highs by late afternoon, pulled back to retest, held support and then came on again at the close to finish positive on some of the indices.

Net on the day, it was a mixed close with the Dow down 17.53 at 9771.91, while the S&P 500 gained 2.53 at 1045.41 and the Nasdaq 100 6.79 at 1679.20.

The technicals were positive by 3 to 2 on advance-declines on New York and a like amount on Nasdaq. Up/down volume was better than 2 to 1 positive on New York on total volume of 1 1/3 billion. Nasdaq traded a little over 2 billion and had about a 3 to 2 positive volume ratio.

TheTechTrader.com board as mostly higher, except for the ultrashorts. American International Group (AIG) led the way, up 4.91 to 39.22. Human Genome Sciences (HGSI) was up another 2.79 to 28.07. Sourcefire (FIRE) snapped back 1.38 to 20.60, Energy Conversion Devices (ENER) 1.16 to 11.74, and RINO International (RINO) 2.46 to 23 today.

US Energy (USEG), a stock we traded today, jumped 1.11 to 6.23.

Sonic Solutions (SNIC) gained 89 cents to 6.13, Revlon (REV) 72 cents to 10.79, Jazz Pharmaceuticals (JAZZ) 62 cents to 6.88, Dendreon (DNDN) 88 cents to 26.26 and Brigham Exploration (BEXP) 91 cents to 10.31.

Among the ultralong ETFs, the Direxion Financial Bull 3x Shares (FAS) was up 76 cents, Direxion Large Cap Bull 3X Shares (BGU) 59 cents, and the Direxion Daily Small Cap Bull 3x Shares (TNA) 1.57. In addition, the U.S. Oil Fund ETF (USO) advanced 65 cents to 40.62 as oil firmed again.

On the downside, no point-plus losers. The Direxion Small Cap 3x Bear (TZA) lost 65 cents, UltraShort Real Estate ProShares (SRS) 32 cents, Direxion Financial Bear 3x Shares (FAZ) 31 cents, as did the Direxion Large Cap Bear 3X Shares (BGZ), down 31 cents.

Stepping back and reviewing the hourly chart patterns, yesterday’s late rally continued in a shallow angle of ascent in what appears to be potential bearish consolidations, and the indices still remain within the confines of their major downtrend and below the declining moving averages on the hourly charts. We’ll see if that’s significant and whether they can extend this rally.

Good trading!

Harry

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