Up and Down, Then Firming Up at the Close
The stock market indices had a consolidation day and whipped back and forth in five different moves. They went down, then up, then down, then up, then down again, only to firm up at the close.
Net of the day, the Dow was down 49.88 at 12,727.21, the S&P 500 was down 3.14 at 1353.64, and the Nasdaq 100 down 7.92 at 2577.05.
TheTechTrader.com board, as a result, was mixed, but there were some gainers. Leading the way to the upside, Alnylam Pharmaceuticals, Inc. (ALNY) was up 6.64 to 19.16, or 53%, on 9.6 million shares, and had a terrific trending-type session.
Other biotech stocks included Orexigen Therapeutics, Inc. (OREX), up 34 cents to 7.40 or 5%, on 14 million shares. Amarin Corporation (AMRN) was 36 cents to 14.92, and Nektar Therapeutics (NKTR) 1.19 to 9.68. BioFuel Energy Corp. (BIOF) advanced 44 cents to 2.93, or 18%, on low volume. Lexicon Pharmaceuticals, Inc. (LXRX) gained 22 cents to 3.15, or 8%, on 2.6 million shares. Antares Pharma Inc. (ATRS) slowly but surely made its way up 39 cents to 5.30, or 8%, on 4 million shares. VIVUS Inc. (VVUS) jumped 1.55 to 28.70, or 6%, on 8.8 million shares. Complete Genomics, Inc. (GNOM) gained 11 cents to 2.55, or 5%, on 4.2 million shares.
Other gainers of note included j2 Global, Inc. (JCOM), up 2.24 to 28.47, Stratasys Inc. (SSYS) up 3.81 to 51.35, IMAX Corporation (IMAX) 1.32 to 24.12, Solazyme, Inc. (SZYM) 66 cents to 12.44, NCR Corp. (NCR) 1.01 to 23.88, Tesla Motors, Inc. (TSLA) 1.71 to 35.96, Medivation, Inc. (MDVN) 3.75 to 94.96, 3D Systems Corp. (DDD) 1.23 to 34.25, Synageva BioPharma Corp. (GEVA) 1.97 to 49.10, Rentech Nitrogen (RNF) 1.13 to 30.15, and Teucrium Corn (CORN) 1.81 to 49.84.
Low-priced AuthenTec, Inc. (AUTH) gained 44 cents to 5.02.
In addition, Apple Inc. (AAPL) was up 1.94 to 606.91.
On the downside, Amazon.com Inc. (AMZN) lost 2.38 to 216.01. Google Inc. (GOOG) was down 1.60 to 574.92. International Business Machines Corp. (IBM) gave back 1.22 to 184.79. Netflix, Inc. (NFLX) dropped 1.92 to 82.98. Vertex Pharmaceuticals Incorporated (VRTX) lost 1.15 to 52.40.
Stepping back and reviewing the hourly chart patterns, the indices were back and forth and formed wedges all day. At the end of the day, they broke down slightly, but didn’t take out support, although they did take out the wedges.
We’ll see what the late snapback means in terms of lack of follow-through to the downside. It does look like, after Friday’s big run-up, that perhaps this is a bullish consolidation day. We’ll just have to see where the follow-through comes...up or down tomorrow.