US Markets Gain On Wednesday passing on Bullish Sentiments around the Globe

The US stock markets remained bullish on Wednesday as the Dow Jones Industrial Average advanced 0.60 percent, while Standard and Poor’s 500 index jumped 0.83 percent. NASDAQ 100 index also gained 0.38 percent.

Around the world London’s FTSE 100 soared 1.54 percent while EURO STOXX 50 gained 1.89 percent. Germany’s DAX jumped 1.73 percent while France’s CAC-40 reported the surged of 1.88 percent for the day.

Time to Look for Hot Chinese Stocks: Youku up 29 percent while Renren and Sina gains 8.57 percent and 6.05 percent respectively

It is probably the best time to invest in Chinese stocks as the most of the analysts have predicted the Chinese tech bubble. We take a look at these stocks to bring you the latest insight. 

Youku.com Inc (NYSE:YOKU) seems to be moving in a strong bullish rally. The share price touched the high of $37.64 yesterday however closed at $35.54 reporting the surge of 29 percent. Youku’s jump was sure backed by good volume numbers as its traded volume stood at 21.98 million shares as compared to its average traded volume of 4.48 million shares per day. Despite high volume figure major technical indicators have not signaled a strong upward change. However MACD Moving Averages Convergence Divergence indicates starting of a upward move as the MACD line crosses the trigger line in upward direction. 

Renren Inc (NYSE:RENN) also gained 8.57 percent to close at $7.60. Huge volume also backed the surge of RENN as total volume stood at 15.84 million shares as compared to its average traded volume of 7.69 million shares per day. The share price is trading at a relative strength index of 51 which shows that it has considerable margin for upward movement. If we look at its price history the share price is trading near its lowest level in last 52 weeks and is likely to face resistance at $24 which also happens to be its highest in last one year.

SINA Corporation (NASDAQ:SINA) also gained 6.05 percent to close at $100.54 in yesterday’s session. Traded volume stood at 12.06 million shares against the average traded volume figure of 10.98 million shares per day. Keeping in view the latest Chinese tech bubble, one can say that SINA could reach up to $147 level which is also its highest in last one year. If you are thinking about to invest in SINA probably you should also consider its relative strength index of 72.16 which depicts that the stock is trading at its overbought level. 

Among other hot Chinese tech stocks Sohu.com Inc (NASDAQ:SOHU) jumped 3.95 percent to $70.97 while Baidu.com Inc (NASDAQ:BIDU) was up by 2.25 percent to $136.17. 

Oil Futures Keep Moving on a Bullish Rally

Crude oil futures kept moving in a bullish rally for third consecutive day on Wednesday as Energy Information Administration reported the decrease of 1.7 million barrels in US inventories for the week ended June 17^th, 2011. Traders were also uncertain over the Greece’s debt situation.

Crude oil futures contract for August delivery declined 1.3 percent or $1.24 to $95.41 per barrel on Wednesday at New York Mercantile Exchange. The respective contract touched the day’s high of $95.70 per barrel. Crude oil futures have gained by 1.9 percent in last three trading session. 

Gasoline futures contract for July delivery declined 3.2 percent or $0.09 to close at $2.97 per gallon. Heating oil gained 2.3 percent or $0.06 to $2.96 per gallon whereas natural gas futures contract for July delivery dropped 1.6 percent or $0.07 to close at $4.32 per million British thermal units.

US Dollar Moves up on Bernanke Wednesday’s Briefing

The US dollar gained on Wednesday as US Federal Reserve’s Chairman Ben Bernanke pointed out barriers in was of US economic recovery. Bernanke also gave some hints about Fed’s future direction on monetary policy. The dollar index DXY which measures the US dollar’s performance against its major six rival currencies surged to 74.791 on Wednesday as compared to 74.553 on Tuesday’s North American trading session. 

The euro also gained versus the greenback to 1.4360 on Wednesday as compared to 1.4305 on Tuesday’s late trading hours. 

The British Pound remained under selling pressures and declined to 1.6101 on Wednesday against the US dollar as compared to 1.6246 on late Tuesday. The euro surged 0.86 percent versus the Pound Sterling to 89.43. The British Pound declined on the news that Bank of England is planning to leave the interest rates unchanged despite high inflation. 

The US dollar gained to $80.33 against the Japanese Yen as compared to 80.13 on late Tuesday. Among other currencies Australian unit dropped to 1.0574 versus the greenback on Wednesday as compared to 1.0601 on Tuesday.  

Insight: Achillion Pharmaceuticals Inc (NASDAQ:ACHN) Gains More than 20 percent

Achillion Pharmaceuticals Inc (NASDAQ:ACHN) has jumped more than 20 percent in today’s session to $7.26 with traded volume of 6.25 million shares till now. The surge in price seems to be backed by strong volume figure as the share price maintains the average traded volume of 0.917 million shares per day. 

If we look at its price history the ACHN traded within the prices ranges of $2.00 to $7.65 in last one year. The respective prices ranges can also be taken as its support and resistance levels, but it seems the current bullish drive could define a new resistance level for the share price. 

In fact the price history of ACHN tells a lot more. ACHN has been moving in strong bullish trend since December 2010. The reason behind the surge at that time was the news of acceptance of company’s ongoing clinical studies for presentation at 21^st Annual Conference of Asian Pacific Association. Probably traders were looking at it as a big breakthrough but the in reality hopes were associated with better financial results.

Disappointment came when the company reported the net loss of $10.13 million for the 1^st quarter 2011 as compared to net loss of $6.24 million in prior quarter. Likewise the share price took substantial beating in the stock market and fell to $4.67 on May 5^th, 2011. 

Today the share price has surged with good volume numbers again. The news is that the company has announced underwritten public offering of 9.6 million shares of its outstanding common stock at the price of $5.90 per share. 

Now looking at it logically the share price is trading near its resistance level. The company itself is offering additional public offering at $5.90 per share. Can ACHN hold its bullish rally? In my opinion, fundamentals certainly do not back the current market price as the company is in heavy losses.

Updates on Yesterday’s Top Performers at S&P 500 Index

Biogen Idec Inc (NASDAQ:BIIB) surged 4.06 percent in its last trading session and closed at $98.60 with traded volume of 3.62 million shares. Its average traded volume stands at 2.40 million shares per day. The share price is still up by 0.08 percent in today’s session. Currently the share price is trading at its oversold level as per is RSI of 30.

Aetna Inc (NYSE:AET) jumped 3.61 percent in yesterday’s session to $44.77 with traded volume of 3.62 million shares. Its average traded volume stands at 4.02 million shares per day. The company’s total outstanding common stock accumulates up to 379.50 million shares out of which 378.69 million shares are floated in the stock market. In today’s session the share price is already up by 0.07 percent. To see if AET will be able to sustain its bullish drive keep a close watch.  

Humana Inc (NYSE:HUM) soared 3.55 percent in yesterday’s session to $80.26 with traded volume of 1.38 million shares. HUM is also up by 1.68 percent in today’s session while the traded volume has reached the figure of 0.85 million shares till now as compared to its average traded volume of 1.48 million shares per day.

Insight on NASDAQ Top Bulls - (NASDAQ:YRCW), (NASDAQ:CHTP) and (NASDAQ:VRGY)

As an investor the most important information you would be looking for is the actual reason behind the surge or a fall in a certain stock. We at Wall Street Resource present not only reasons behind a certain surge but also give you an insight that how accurate and strong a certain surge or a fall is in certain stock movement. 

Insight on NASDAQ Top Bulls on Friday 10^th June, 2011 is as follows:

YRC Worldwide Inc (NASDAQ:YRCW) surged 17.54 percent to$0.670 on Friday’s trading session. The bullish movement of the share price seems strong as its volume numbers supports it. The traded volume stood at 3.93 million shares as compared to its average traded volume of 1.91 million shares per day. Moreover, if compare moving averages the short term 5-days simple moving average sharply crossed the long term 30-days moving average which indicates a strong upward movement. 

Chelsea Therapeutics International Ltd (NASDAQ:CHTP) was also among the top gainers at NASDAQ on Friday and jumped 13.10 percent to $4.75. Likewise CHTP also gained with relatively high volume of 4.18 million shares as compared to its average traded volume of 507,201 shares per day. Comparison of moving averages did indicated major upward jumps on its last trading session but it seems that is more of temporary and stability in the share price at these levels is expected.  

Verigy Ltd (NASDAQ:VRGY) soared 10.90 percent to close at $14.96 on Friday. Verigy remained highly active with traded volume of 43.27 million shares while its average volume figure stands at 2.41 million shares per day. A major upward change is indicated if compare moving averages, however now the most technical analysis indicators such as MACD depicts that the share price will move in much more stable trend. 

The share price has moved on the news of acquisition attempt by Advantest Corp which is offering $15 for each share of Verigy Ltd. The share price has already moved up to that level and further capital gains above the price level of $15 are very unlikely.