Indices Rally Off Support to Close Positive
The stock market indices started the day with a gap up and ran to session highs early on, but then sold off into the early afternoon, reaching key support, and then bouncing on the S&P 500 near 1320. A late rally brought the indices back, recovering 50% on the Nasdaq 100 and about 80% on the SPX.
Net on the day, the Dow closed up 95.89 at 12,226.34, and the S&P 500 up 7.34 at 1327.64. The Nasdaq 100 managed to gain 4.70 at 2350.99.
Advance-declines were a little better than 2 to 1 positive on the New York Stock Exchange, and negative by 2 issues on Nasdaq about dead flat. Up/down volume was 2 to 1 positive on New York with total volume was just under 1.25 billion. Nasdaq traded just over 2 billion shares, and had about an 11 to 9 negative ratio.
However, TheTechTrader.com board was mixed. Leading the way today on the upside was Medicis Pharmaceutical Corp. (MRX), up 6.18 to 32.00, Amerigon Inc. (ARGN) 2.08 to 13.66, Sourcefire, Inc. (FIRE) 2.01 to 27.07, Allot Communications Ltd. (ALLT) 1.11 to 15.92, Dynamic Materials Corp. (BOOM) 1.54 to 26.39, Endo Pharmaceuticals Holdings Inc. (ENDP) 1.21 to 35.54, NXP Semiconductors NV (NXPI) 1.36 to 31.91, and Overstock.com Inc. (OSTK) 1.28 to 15.25.
Coeur d'Alene Mines Corporation (CDE) advanced 3.86 to 31.51 today, a big gainer there. Vertex Pharmaceuticals Incorporated (VRTX) jumped 1.84 to 46.68, and SodaStream International Ltd. (SODA) 97 cents to 44.38, ahead of earnings tomorrow. Apple Inc. (AAPL) gained 5.95 to 353.21.
Other gainers of note, Columbia Laboratories Inc. (CBRX) was up 49 cents to 3.50, Pulse Electronics Corporation C (PULS) 60 cents to 6.01, Royale Energy Inc. (ROYL) 95 cents to 5.97, and Transition Therapeutics Inc. (TTHI) 56 cents to 5.08.
On the downside, Chipotle Mexican Grill, Inc. (CMG) lost 3.36 to 245.00, Amazon.com Inc. (AMZN) 3.95 to 173.29, Spreadtrum Communications Inc. (SPRD) 1.31 to 19.96, and Travelzoo Inc. (TZOO) 1.75 to 39.45.
The ultra-short ETF iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 1.33 to 30.18.
Stepping back and reviewing the stock market, the indices were up early, down for the next several hours, and then rallied back to close with gains for the day. Starting the week off with a successful test and a late afternoon rally, the indices may very well try even higher levels.
Levels to watch now are the 1329-30 areas on the S&P 500 and the 2363–65 area on the NDX.