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Harry Boxer's Charts of the Day

Indices Pass Test With Flying Colors

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The stock market indices had another test today and passed with flying colors. In the early morning they dipped, and dipped hard, taking out near-term support, but not the key levels that we were looking for at 2838 Nasdaq 100, and near 1570-75 on the S&P 500. In fact, they didn‘t even get close to it. A few points, perhaps, but they rallied back strongly and closed near the highs for the afternoon going away and the highs for the day on the Dow and S&P 500. At the end of the day the indices went nearly flat.

Net on the day, the Dow was down .62 at 14,865.06, 75 points off the low. The S&P 500 was down 4.52 at 1588.85, 9 points off the low and 5 points off the high. The Nasdaq 100 was down 2.59 at 2856.48, 22 points off the low.

Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 14 to 10 negative on Nasdaq. Up/down volume was more than 2 to 1 negative on New York, with total volume of 672 million shares. Nasdaq traded nearly 1.46 billion and had a 4 to 3 positive volume ratio. board was narrowly mixed for the most part. There were some strong gainers and losers. Despite Priceline Inc. (PCLN) being up 9.12 to 743.11, Apple Inc. (AAPL) was down 4.53 to 429.80.

However, Amazon Inc. (AMZN) was up 3.02 to 272.87, and Uni-Pixel, Inc. (UNXL) popped 1.79 to 31.14, reaching as high as 32 at one point.

Google Inc. (GOOG) ended the day near flat, down 34 cents to 790.05, International Business Machines Corporation (IBM) lost 1.54 to 211.38, SodaStream International Ltd. (SODA) gave back 1.03 to 53.03, and Pharmacyclics Inc. (PCYC) dropped 2.06 to 75.43.

There were quite a few percent gainers on our board today and some stocks that we traded. Cleantech Solutions International, Inc. (CLNT) had a big percent gainer today, reaching as high as 4.66, it closed at 3.80, up 67 cents, or 21%, on 3.3 million shares, and was the percent-gain leader today. Sinclair Broadcast Group Inc. (SBGI) had another great day, up 3.91 to 27.60, or 15 1/2%, on 7 million shares. It was a big day after yesterday’s merger announcement.

Bankrate, Inc. (RATE) jumped 1.51 to 13.47, or 13%, on 1.6 million shares. Ashland Inc. (ASH), which we also traded, closed up 7.83 to 86.66, or 10%, on 5.8 million shares. InterOil Corporation (IOC), another one that we traded, up 5.23 to 74.18, or 7.6%, on 1.4 million shares. American Vanguard Corp. (AVD) bounced 2.04 to 30.21, or 7%.

ProShares UltraShort Silver (ZSL), which we traded today, was up 6.23 to 63.91, or 11%, on 1.1 million shares.

8X8 (EGHT) was up 43 cents to 7.27, Swift Transportation Company (SWFT), one of our swing trades, up 66 cents to 14.20, Santarus, Inc. (SNTS), and one of our Top 25 stocds, 81 cents to 18.27, reaching a new all-time high today was among other gainers.

Stepping back and reviewing the hourly chart patterns, the indices were down early, snapped back by midday, consolidated into falling wedges until early afternoon, and then came back in the last couple hours to close with very small losses on the day.

What needs to be considered is a very strong showing of resiliency by the market leaders for now.

Today’s lows will be watched early next week.

Have a good weekend!