The following article looks at how the markets did and also so stocks which were in play and may continue to be…

Indices Hold Onto Some Gains By Harry Boxer |

The stock market indices started the day with a strong upmove right from the get-go. After a brief pullback, they came on very strong, hit more new 2010 highs at 1214 on the S&P 500 and over 2040 on the Nasdaq 100. They then had a strong late morning pullback, which held secondary support and more important support at around 1208 SPX. Then they bounced right back up to the highs, double-topped, rolled over hard, and with about 15 minutes to go bounced sharply and held onto some gains for the day.

Net on the day, the Dow closed at 11,144.57, up 21.46. The S&P 500 at 1211.67 gained up 1.02, and the NDX at 2038.64 was up 9.82.

Advance-declines, however, were negative in a technical divergence by about 90 issues on New York Stock Exchange, and positive by about 400 issues on Nasdaq.

TheTechTrader.com board was mixed, mostly narrowly so. There were very few point-plus gainers or losers on our board today. Northern Oil and Gas, Inc. (NOG), however, snapped back 1.32 to 16.80.

Junior biotechs had a strong session today. Dynavax Technologies Corporation (DVAX) jumped 28 cents to 1.66, up 20% today. Idenix Pharmaceuticals Inc. (IDIX) at 4.41 was up 33 cents, or 8%, and Catalyst Pharmaceutical Partners Inc. (CPRX) at 2.02 gained 40 cents, or 25%.

Encorium Group (ENCO) at 4.72 was up 62 cents, or 15%. Rexahn Pharmaceuticals (RNN) at 2.59 gained 44 cents, or 20 1/2%, and Energy XXI Limited (EXXI) jumped 1.18 to 22.38.

The star of the day today was STEC, Inc. (STEC) at 13.69 up 1.79, a 15% gain.

Other gainers of note, L&L Energy (LLEN) was up 41 cents to 13.08, Dendreon (DNDN) 52 cents to 39.64 reaching over 40 at one point, CROCS Inc. (CROX) 23 cents to 10.78, and Acme Packet, Inc. (APKT) 79 cents to 20.87.

On the downside there were no point-plus losers. The fractional losers across the board were Clean Energy Fuels (CLNE), which dropped 61 cents to 20.16, and Brigham Exploration (BEXP), which gave back 30 cents to 18.33 in a weaker oil sector. In addition, Houston American Energy Corp. (HUSA) lost 39 cents in that group at 13.30.

Junior bio-tech ZIOPHARM Oncology, Inc. (ZIOP) was down 38 cents to 5.32, Pharmacyclics (PCYC) 28 cents to 8.18, and Kulicke & Soffa Industries Inc. (KLIC) 61 cents to 8.76.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, gave back all of it on the S&P 500, half of it on the NDX, and then rallied back to retest the highs, but rolled over before bouncing into the close. They ended the day slightly to the plus side at new 2010 highs but with questionable technicals. We’ll see how it goes tomorrow on options expiration day.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.

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Struggling? New to Trading? This video is about a regular guy who discovered 1 “unusual” trick in trading the stock market…

and how he was finally able to get an “edge” over everybody else – other traders & even his own broker – after years of trial & error.

Watch it through to the end here:

http://www.stockmasterymaterials.com/y/?u=2&i=1083859&l=f3

(it’s worth it)

Cheers,

VantagePointTrading
Know Your Risks.  Read our Legal Disclaimer.

The following is your EUR/USD outlook for March 23, 2010.

On Monday the pair bounced off 1.3460 and this level may provide support again.  If not we have range swing lows between 1.3450-1.3430.  If this area is reached a slight penetration of area, without an actual break, is a high probability due to the market indecision.  If a breakout does occur, I prefer to wait for the fist pullback.  If that pullback is held off by the former range lows the breakout has a much greater chance of being legitimate.

Target, if the market breaks down below 1.3430, is 1.3060.

Prior to the range lows minor support comes in at 1.3540 and just below 1.3500.

Minor resistance comes in at 1.3570 with further resistance at 1.3600-1.3630 and 1.3660.  Resistance continues through to 1.3700.  A push through this level puts range highs in sight and may make another re-test of the highs likely (but that will be looked at tomorrow if the market does in fact go higher from here).

This pair remains in a sideways consolidation in a longer term downtrend.

Cory Mitchell, CMT

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** The 4 simple steps successful traders know that you don’t… (page 14)

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Sorry, I  will not be posting a EUR/USD analysis tonight.  Also, the previous analysis is still valid as there has been no real shift in the outlook of this market.   Yesterday’s analysis can be found here: http://vantagepointtrading.com/archives/2835

Cheers,

Oh, and before the weekend, if you want to get in on my free weekly newsletter you can sign up along the right hand side of the website under Newsletter Sign-up.  You will also be able to post comments on the site after signing up.  The newsletter covers analysis of market(s), educational articles and my reflections on trading.  I send it out Saturday Night/Sunday Morning.  This week’s newsletter is particularly focused on what we are seeing in multiple markets right now…and how to avoid getting chopped up in the whipsaw moves.

Cory Mitchell, CMT

Well, it has slowly crept up on us…  the holiday season is here, and with that the analyses that I post will definitely slow over the next couple weeks.  I am traveling till the new year, so regular analysis will not occur until the start of 2010.  Personally, I will be trading up till Dec 23 and then resuming again on the 28th, so I will have my eyes on the market.   That said, it has been a good year for day trading in both the stock and forex markets, so take some time off, enjoy time with family & friends and I will talk with you soon.

Happy Holidays!

Cory Mitchell, CMT

P.S.  Here is a little stuff you can check out over the holiday season:

http://freestockcharts.com:  These are REALTIME (they update each time the bid or offer is hit) charts, which are actually quite good.  You can view commodities, stocks and forex pairs, and it is all free.  If you are a serious day trader, they may not be perfect for techniques such as scalping, but to be honest when I am analyzing things at night, I often use these charts just because they are so easy to use.

http://www.investopedia.com/contributors/default.aspx?id=335 :  This is the list of articles I have contributed to Forbes Digital over the last year or so.  The articles cover an array of topics including trading psychology, investing, day trading techniques and alternative takes on introductory concepts.  They are free for you to access… and let me know what you think.

I just opened up the trading forum and trader chat area.  You can access it and sign up via the Forum/Chat tab.

The platform is very simple and hopefully easy to use.  Come on in so we can start our community.  Share ideas, ask trading questions and talk with other day traders, swing traders, forex traders and investors. Also, if you are just starting out and want some questions answered about getting into the trading business, you are welcome as well.

Look forward to getting know you,

Cory Mitchell, CMT

http://vantagepointtrading.com

Hope you all have a good trading day today.  Just wanted to let you I have an article in the December issue of (Technical Analysis of) Stock and Commodities magazine.  The article is about using old trendlines, broken trendlines, to predict where prices will go to in the future.  This is an unconventional use for trendlines, as they are being used more for price projection than for just slowing rising (falling) support (resistance).  If you have a chance, check it out, it is available at major book stores throughout the US and Canada.

Have a great day everyone,

Cory Mitchell, CMT

My analysis and articles get translated and posted on many sites globally, so I realize many of my reader’s first language is not English.  I have added a language translation tool on the right which will hopefully help more readers enjoy this site.  You can select the appropriate flag and get the site translated into a language of your choice.  I hope this is of benefit to many of you.

Send me an email and let me know how it works for you.

Cheers,

Cory Mitchell, CMT

Along the right hand side of the site you will see a Log In section.  If you sign up, you will be able to post comments and ask direct questions about the posts.  Also, you will be on my email mailing list (don’t worry, I don’t send many emails) so you can get inside information on trading as well as great offers.

Best wishes,

Cory Mitchell, CMT

First off, my apoligizes.  It has been busy lately and I have not been getting many of my trade ideas/set-ups posted on the site.  So I am going to try to get up some up soon and they should be coming more consistently.  Again, my apologizes.

Although, I do have some exciting news.  The broker I use for forex trading has introduced automated trading accounts.  Some of the strategies have very impressive returns.  While past performance does not indicate future success, the profit potential appears to be excellent in some of the many strategies that can be implemented.

The Forexyard Strategy Automator (FSA) details can be viewed just below as well as a video tour.  One thing I really like is that positions can be overridden and drawdowns controlled.  Obviously it is good to let a system run its course, but there are times when a drawdown may be beyond what we want and we can control this by manually exiting trades which have been automatically taken – let’s just say it is good to have options.

We all love to trade I am sure, but there are times when we can’t, and this allows a trader to trade around the clock.   At least check out the video and see what you think.

http://www.forexyard.com/fsa

Cheers,

Cory Mitchell, CMT

Chief Marekt Strategist

I am rushing this out to you guys.  The title pretty much explains what the video is about.  Check it out if you want some insights into the gold market.

Remember, you can trade gold the conventional way, or you can also use a gold CFD using much less of your own money.  If you don’t know about CDFs you can read a bit about them in my latest article on Investopedia (linked below), which has been extremely popular since its publication.  You can also read more about this type of trading right here on my site under the How to Start Trading Now—> Trading FAQ section.

So first the video:

What happened to the gold market?:

http://www.ino.com/info/415/CD3784/&dp=0&l=0&campaignid=3

And if you want to check out my article on Investopedia, here it is:

How to Trade For a Living/Quit Your Job to Trade Stocks? :

http://www.investopedia.com/articles/trading/09/how-to-trade-for-a-living.asp

Some commodity CFDs are available to be traded with my personal broker, and the broker I recommend, Forexyard.

Best a luck.  Lots of info in this post and I am a little pinched for time, but though I would fire this out and you can check out the resources when you have a minute.

Best wishes,

Cory Mitchell, CMT