Negative Day With Nice Comeback
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The stock market indices had a down day today, but came back nicely in the last 90 minutes to pare back the losses by quite a bit.
The day started out, however, with a big gap to the down side on foreign news, and then U.S. economic news spurred the market sharply higher as the Nasdaq 100 went from 2606 all the way up to 2651, about 45 points straight up. They then came down just as hard to retest the lows. They did so, and then some, on the S&P 500 as it bounced 1361.13 to 1374, and then rolled over to 1355. But in the afternoon, they coiled and broke out into the last hour, stair-stepping their way higher.
Net on the day, the Dow was still down 92.18 at 12,878.88, about 100 points off its low, the S&P 500 closed down 10.14 at 1365.00, 11 points off the low, and the Nasdaq 100 down 9.61 at 2625.52, 19 points off its low.
It was a good come-back day, but, still, there were losses on the session.
Advance-declines were 3 to 2 negative on New York Stock Exchange, and 7 to 5 negative on Nasdaq. Up/down volume was nearly 4 to 1 negative on New York, with total volume of just over 800 million shares. Nasdaq traded 1 3/4 billion, and had a 2 to 1 negative volume ratio.
TheTechTrader.com board, as a result, had plenty of winners today. Leading the way, Ellie Mae, Inc. (ELLI), one of our swing trades, was up 5.38 to 24.83, or 28%, on 2.4 million shares. Anika Therapeutics Inc. (ANIK) jumped 3.32 to 15.11, or 28%, on 555 thousand shares. Green Mountain Coffee Roasters Inc. (GMCR) snapped back on strong earnings, 4.75 to 22.66, or 26 1/2%, on 34.4 million shares.
In addition, First Solar, Inc. (FSLR) gained 3.13 to 17.94, or 21%, on 28.1 million shares and went as high as 19.12 earlier in the session. Synchronoss Technologies, Inc. (SNCR) spiked 4.03 to 22.05, or 22%, on 1.5 million shares. MedAssets, Inc. (MDAS) advanced 2.56 to 15.41, or 20%, on 3.3 million shares. H&E Equipment Services Inc. (HEES) jumped 2.39 to 16.43, or 17%, on 584 thousand shares.
Cambrex Corporation. (CBM) bounced 1.99 to 11.00, or 22%, on 902 thousand shares. Low-priced Genco Shipping & Trading Ltd. (GNK) gained 91 cents to 3.00 even, or 43 1/2%, on 4.3 million shares. STAAR Surgical Company (STAA) advanced 1.35 to 6.49, or 26%, on 839 thousand shares. United Online, Inc. (UNTD) climbed 1.00 to 5.20, or 23%, on 4.8 million shares. American Superconductor Corporation (AMSC) slowly made its way up 78 cents to 4.32, or 22%, on 1.1 million shares.
Mitek Systems Inc. (MITK), one of our favorites, ran 74 cents to 4.58, or 19%, on 1.2 million shares, which is strong volume for that stock. Cbeyond, Inc. (CBEY) thrust 8.43, but closed up 1.14 to 7.90, or 17%, on 279 thousand shares.
Other gainers of note included Symmetry Medical, Inc. (SMA), up 1.25 to 8.76, OfficeMax Incorporated (OMX) up 73 cents to 4.99, Yelp, Inc. (YELP) up 3.18 to 22.00, Chemtura Corporation (CHMT) up 1.96 to 14.95, Gap Inc. (GPS) up 3.75 to 33.17, and Smart Balance, Inc (SMBL) up 1.14 to 10.64 were among the gainers on our board today.
On the downside, Google Inc. (GOOG) lost 3.93 to 628.75, and did not participate today. Goldman Sachs (GS) was down 2.28 to 97.81. Cobalt International Energy, Inc. (CIE) lost 1.32 to 23.72, and Rosetta Genomics, Ltd. (ROSG) got hammered down 1.35 to 5.76. That stock traded up 23 just a few weeks ago.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening. They rallied sharply back, and then rolled over just as hard, making new afternoon lows on the S&P 500, but not confirmed by the NDX. When that occurred, they rallied back in the last 90 minutes to pare back the losses. But still, it was a negative session for the indices.
Let’s see what happens tomorrow.
Good Trading!
Harry