Ended With Gains, But Still Very Disappointing Day
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The stock market indices ended with gains today, but it was very disappointing. They rolled over hard at the close and gave back vast amount of its gains.
The day started out with a gap up, a strong move early in the morning that resulted in a midmorning consolidation, and then they went to new highs for the day on the Nasdaq 100 over 2705. The S&P 500 stalled near 1399 1/2 and could not get to 1400 today. That resulted in a late rollover as the S&P 500 failed to confirm.
Net on the day, the Dow was up 21.49 at 13,117.51, about 70 points off its high, the S&P 500 was up 3.24 at 1394.23, 6 points off its high, and the Nasdaq 100 up 18.09 at 2694.09, 11 points off the high.
Advance-declines were a little better than 3 to 2 positive on New York Stock Exchange, and about 3 to 2 positive on Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 650 million shares. Nasdaq traded 1.5 billion, and had a 3 to 1 positive volume ratio.
TheTechTrader.com board was still mostly higher, and many of our stocks did very well today. Percentage gainers included Vringo, Inc. (VRNG), up 61 cents to 3.73, or nearly 16%, on 12.5 million shares. REEDS, Inc. (REED) gained 73 cents to 5.00, or 17%, on 348 thousand shares. Standard Motor Products Inc. (SMP) jumped 3.11 to 17.18, or 22%, on nearly 600 thousand shares. Sohu.com Inc. (SOHU) was up 6.16 to 40.86, or 18%, on 3.1 million shares. NII Holdings Inc. (NIHD) gained 1.28 to 8.08, or 19%, on 15.8 million shares. Changyou.com Limited (CYOU) ran up 3.63 to 23.00 even, or 19%, on 1.7 million shares.
Other gainers of note included Star Scientific, Inc. (CIGX), up 51 cents to 4.50, Aruba Networks, Inc. (ARUN) gained 1.53 to 14.73, First Solar, Inc. (FSLR) up 2.02 to 19.08, Cognizant Technology Solutions Corporation (CTSH) 6.35 to 54.21, Yelp, Inc. (YELP) 2.03 to 25.43, Navistar International Corporation (NAV) 2.23 to 24.62, and Tudou Holdings Limited (TUDO) 2.50 to 27.93.
In addition, Isis Pharmaceuticals, Inc. (ISIS) gained 1.11 to 13.19, 1.61 to 17.98, Qlik Technologies, Inc. (QLIK) 1.80 to 21.97, Questcor Pharmaceutical (QCOR) 2.72 to 37.91, Homeowners Choice, Inc. (HCII) 1.63 to 20.11, and Gulfport Energy Corp. (GPOR) 1.56 to 22.76. Also, Acme Packet, Inc. (APKT) jumped 1.12 to 16.91, Rackspace Hosting, Inc (RAX) was up 3.22 to 48.47, Groupon, Inc. (GRPN) 66 cents to 7.25, and Trina Solar Limited (TSL) 41 cents to 4.67.
Apple Inc. (AAPL) closed just a couple points off its high, up 6.85 to 622.55. Google Inc. (GOOG) was up 1.49 to 642.82, 7 points off its high. Netflix, Inc. (NFLX) gained 2.88 to 56.79. Onyx Pharmaceuticals, Inc. (ONXX) jumped 1.84 to 72.27. SolarWinds, Inc. (SWI) advanced 1.63 to 55.88. Spreadtrum Communications Inc. (SPRD) was up 1.37 to 20.36. SodaStream International Ltd. (SODA) made its way up 1.13 to 41.70.
On the downside, there were no point-plus losers on our board today. That was a remarkable feat, although Amazon.com Inc. (AMZN) was down 98 cents to 233.99.
Stepping back and reviewing the hourly chart patterns, the indices gapped and ran in the morning. They were up sharply all day, reaching 2705 NDX 1399.60 on the S&P 500, but couldn’t quite make 1400, or confirm the Nasdaq 100 higher height today, which resulted potentially in a late rollover.
We’ll see what kind of follow-through we get tomorrow, and whether secondary support can hold or not.
Good Trading!
Harry