AAPL Boosts NDX, Dow and S&P 500 Blue Chips Down
The stock market indices began the day with a sloppy mixed session. Although they were at their session lows with a half hour to go, they snapped back sharply as Apple Inc. (AAPL) jumped to near 700, and over 700 after hours. That was the first time in history.
The day started out with a move to the downside. The indices snapped back, and then a wedge formed on both indices. They rolled over and made nominal new lows, bounced to resistance, retested, and made lower lows on the S&P 500 but not on the Nasdaq 100. They spiked up in the last half hour as Apple snapped back.
Net on the day, the Dow was down 40.19 at 13,553.18. The S&P 500 was down 4.58 at 1461.19. The Nasdaq 100 was up 1.21 at 2856.44, 10 points off the low.
Advance-declines were 20 to 9 negative on New York Stock Exchange, and about 3 to 2 negative on Nasdaq. Up/down volume was almost 3 to 1 negative on New York, with total volume of a light 630 million shares. Nasdaq traded 1.4 billion, and had a 2 to 1 negative volume ratio.
TheTechTrader.com board was mixed, although there were some gainers. Apple Inc. (AAPL), as mentioned, was up 8.50 to 6.99.78. Onyx Pharmaceuticals, Inc. (ONXX), one of our favorites, jumped 4.59 to 81.26.
Other gainers of note included Renewable Energy Group, Inc. (REGI), up 2.15 to 8.26, or 35%, on 1.6 million shares. Low-priced Kid Brands, Inc. (KID) gained 41 cents to 1.75, or 31%. BioSante Pharmaceuticals, Inc. (BPAX) advanced 34 cents to 1.87, or 22%, on 3.6 million shares. Rosetta Genomics, Ltd. (ROSG) spiked 92 cents to 6.20, or 17%, on 3.1 million shares. Kratos Defense & Security Solutions, Inc. (KTOS) was up 73 cents to 5.80, or 14%, on 2.4 million shares.
Jazz Pharmaceuticals plc (JAZZ) had a very big day, up 7.17 to 55.29, or 15%, on 4.2 million shares. BioFuel Energy Corp. (BIOF) gained 1.23 to 10.21, or 14%, on 2 million shares. Waste Connections Inc. (WCN) jumped 3.14 to 32.81, or 10 1/2%, on 3.4 million shares.
American Vanguard Corp. (AVD), an old swing trade of ours, was up 2.86 to 33.87. Glu Mobile, Inc. (GLUU) was up 38 cents to 5.35 on a key breakout, Spectrum Pharmaceuticals, Inc. (SPPI) 90 cents to 12.91, Tesla Motors, Inc. (TSLA) 2.15 to 32.54, Sarepta Therapeutics, Inc. (SRPT) 92 cents to 14.85, and MIPS Technologies Inc. (MIPS) 48 cents to 7.65.
Gilead Sciences Inc. (GILD) jumped 3.78 to 65.80 in a strong biotech group, and BroadSoft, Inc. (BSFT) rose 2.33 to 42.60.
On the downside, Amazon.com Inc. (AMZN) lost 3.27 to 258.00 even. Goldman Sachs (GS) was off 1.46 to 119.90. Netflix, Inc. (NFLX) dropped 3.50 to 57.02. Threshold Pharmaceuticals, Inc. (THLD) got slammed on negative drug news for 1.72 to 7.00 even.
Stepping back and reviewing the hourly chart patterns, the indices were down, backed and filled, wedged by midday, rolled over in the afternoon, bounced and retested. They spiked up in the afternoon to take back all the losses on the Nasdaq 100, and closed nominally positive there, but the Dow and S&P 500 blue chips were down today.
Let’s see how it goes tomorrow.