Stock Market At A Glance - Dow 10,000
Today’s news was all about Dow Jones cracking 10,000 for the first time in over a year. The monster rally in indices came off of huge earnings suprises from J.P. Morgan (JPM) and Intel (INTC) which easily beat analyst estimates. It looks like the market has found its uptrend course with today’s big gains. Volume came in on the higher side than Tuesday
| Index | Close | Change | % Change | Trend |
| Dow Jones | 10015.86 | 144.80 | 1.47% | UP |
| S&P 500 | 1092.02 | 18.83 | 1.75% | UP |
| Nasdaq | 2172.23 | 32.34 | 1.51% | UP |
Two stocks breaking out today on above average volume were Asiainfo Holdings (ASIA) and ArcSight Inc (ARST). ASIA, which provides telecommunications software solutions to telecom providers in China rose 3.15 (15.28%) to close at 23.77. The breakout point for ASIA was at 21.60. ARST, a provider of security management solutions rose 1.54 (6.53%) to close at 25.12. The breakout point for ARST was at 24.60. Watch for low volume pullback in these names while they digest their big gains.
Stock Trade Update: Got stopped out of Goldman Sachs (GS) short @ 192.60 (shorted @ 186.30). I’m pretty confident that GS will provide more shorting opportunities in near future. Maybe I need to get my timing correct next time. GS reports earnings on Thursday morning before the market opens. Lets see how that works out. Tomorrow I will look to take a stab at shorting Research In Motion (RIMM) near the current price. It has been a laggard in the current uptrend.
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Comments
Hi Tony,
I will explain you what the breakout/pullback looks like in my upcoming post where we will take a look at Wonder Auto Tech (WATG). It broke out on Wednesday at 13.15 and is now pulling back today (Thurs). If the volume comes in on the lighter side, it can be bought as close to the breakout point. I will show some more charts to explain this point.
hello:
you post breakout chart everyday, when stock breakout on big volume, we wait for pullback before entre. but i don’t understand, what is better timing to entre in?
how far pullback by volume should i need to know?
any other indicator should use to get better point?
thank you