Started Day Mixed, Came Back With A Roar
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The stock market indices started off on a mixed note, but they came way back from earlier losses.
The day started out with a little pop to the upside, and then an immediate sharp sell-off. The Nasdaq 100 went from 2727 to 2708, and the S&P 500 dropped from 1406 down to 13971/2. They then rallied back in a 5-wave advance over the next several hours to take the NDX 2708 to new highs for the day, reaching 2728 at the close. They backed off in the last hour, and came on again to close at that level, which was the high for the day on the NDX. However, despite the fact that the S&P 500 did break out over the minor resistance level, they did not get through overhead resistance, and, therefore, did not make new highs to confirm new highs on the NDX.
We’ll have to see if there is any follow-through tomorrow or not.
Net on the day, the Dow was down 38.52 at 13,169.43. The S&P 500 was down 2.38 at 1403.48. The Nasdaq 100 was up 5.72 at 2728.68.
Advance-declines were 3 to 2 negative on New York Stock Exchange, and 13 to 10 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of a very light 474 million shares. Nasdaq traded over 1.3 billion, and had a 7 to 6 negative plurality.
TheTechTrader.com board was mixed and slightly lower. Many of the stocks were narrowly mixed. The big reason for the gains today was Google Inc. (GOOG), up 18.01 to 660.01 and Apple Inc. (AAPL) up 8.30 to 630.00 even, and trading higher in the afterhours. So, market leaders did well today.
Other gainers of note included a lot of low-priced stocks, in particular. Alexza Pharmaceuticals Inc. (ALXA) a junior biotech stock, was up 1.15 to 4.11, or 39%, on 2.5 million shares. Peregrine Pharmaceuticals Inc. (PPHM) gained 57 cents to 2.86, or 25%, on 4.4 million shares. Ascent Solar Technologies, Inc. (ASTI) advanced 28 cents to 1.61, or 21%, on 2.7 million shares. Pizza Inn Holdings, Inc. (PZZI) spiked 53 cents to 3.63, or 17%, on 2.1 million shares. Meru Networks, Inc. (MERU) closed up 33 cents to 3.49, or 10%, on 362 thousand shares. Amyris, Inc. (AMRS) climbed 40 cents to 4.35, or 10%, on nearly a million shares.
Other stocks of note, Tesoro Corporation (TSO) was 3.37 to 38.87, Focus Media Holding Ltd. (FMCN) up 2.07 to 25.45, Visteon Corp. (VC) 3.21 to 42.01, Silicon Graphics International Corp. (SGI), Sears Holdings Corporation (SHLD) 2.94 to 54.36 on a positive Barron’s article, The Carlyle Group LP (CG) 1.19 to 24.98, Colfax Corporation (CFX) 1.56 to 33.66, and Sysco Corp. (SYY) 1.30 to 30.14.
REEDS, Inc. (REED) was up 41 cents to 5.19, Silicon Graphics International Corp. (SGI) jumped 61 cents to 9.19, and Ctrip.com International Ltd. (CTRP) gained 87 cents to 14.42.
On the downside, the only point-plus losers on our board today was Cornerstone OnDemand, Inc. (CSOD), down 1.04 to 25.14.
Stepping back and reviewing the hourly chart patterns, even though they went up early, and sold off sharply, they came back with a roar today, closing right near the highs for the day on the NDX and slightly off the morning highs, but down on the session, on the S&P 500.
We’ll see how it goes tomorrow.
Good Trading!
Harry