A New Leaf

Today’s commentary is being written by Daniel Beighley.

Friday’s trading session began with a whipsaw then settled into a light trot
as many traders headed for the exits for a three-day weekend. All major indices
ended in positive territory for the day, welcoming what hopes to be a rally when
the fall trading season begins to take form.

The Dow ended up 30.17 at 9,949.75; the S&P500 closed up 4.55 at 1133.58;
and the Nasdaq finished up 13.75 at 1805.43. NYSE advancing issues registered
1,429 while declining issues were 1,150. Nasdaq advancers were 1,964 and
decliners were 1,536.

In the Leader Category we have Alliance Gaming Corp:

Routing out the end of a cup-and-handle formation, this manufacturer of
gaming- and casino-related equipment was able to notch in a good day of trading.
Up 3.57%, this stock may be looking to push above resistance soon.

In the Breakout Category we have Kensey Nash Corp:

Breaking out of a one-month “W” pattern, this medical equipment and
supplies company made a convincing statement with a 9.42% increase. There was no
news covering the stock today, and we can only presume that someone knows
something. The biotech, healthcare and pharmaceutical indices were all down for
the day.

For the WEBS, Japan led the parade:

In what many hope to be a turning point for this nation’s economy, Japan
showed resilience by bucking its downtrend. I’m not in any way calling a bottom,
but a case has been made for a new uptrend to settle in for however long
traders’ faith will allow it. For those of you who wonder, the sporadic and
small trading ranges that you see in many of the Japan-related stocks are caused
by the overnight shift in yen and U.S. dollar refluxes.

The HOLDR of the day goes to the semiconductors:

This investment vehicle clocked in a gain of 1.53% to lead the pack. The
semiconductors have been more a measure of sentiment than anything of late, so
it’s good to see this sector take charge. The day’s trading range was unable to
surpass yesterday’s range, but a strong close puts this HOLDR in favor for next
week.

That’s it for this sleepy Friday. Hopefully, Greg should be able to return to
his column by next Tuesday as we head into fall trading.

Have a good weekend.

DanielB@tradingmarkets.com