A Mixed Day On Low Volume
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The stock market indices had a mixed, very narrowly lower day today on low volume. The market stabilized from a sharp morning pullback, and then spent the rest of the afternoon moving sideways, constantly testing the highs and resistance, but couldn’t get through.
Net on the day, the Dow was down only 2.65 at 13,073.01, about 30 points off its low, and about 50 points off the high, closing mid-range and narrow. The S&P 500 was down just .67 at 1385.30, only 4 points off the low, and 6 points off its high. The Nasdaq 100 was down 4.91 at 2642.12, 8 points off the low, and 20 points off the high.
Advance-declines were about 60 issues lower on New York, and a little less than 2 to 1 negative on Nasdaq. Up/down volume was just slightly higher on New York, with total volume of 645 million shares. Nasdaq traded 1.3 billion, and had a 2 to 1 negative volume ratio, despite the NDX firming in the last hour, mainly due to Apple Inc. (AAPL), which was up 9.87 to 595.03.
There wasn’t much on the main board today, except VirnetX Holding Corp (VHC), and even though it was up 1.62 to 24.29, it was still 3 points off the high.
TheTechTrader.com board did show some nice stocks that had good percentage gainers today. Clean Diesel Technologies Inc. (CDTI) was the leader today, up 42 cents to 2.52, or 20%, on 3.2 million shares, and traded substantially higher in the morning session. NCI, Inc. (NCIT) gained 84 cents to 5.89, or 16.6%. Coffee Holding Co.Inc. (JVA) advanced 79 cents to 5.75, or 16%. TriMas Corporation (TRS) thrust 2.52 to 21.71. Green Dot Corporation (GDOT) jumped 1.14 to 10.20, or 12 1/2%, on 5 million shares.
Low-priced SUPERVALU Inc. (SVU) was up 25 cents to 2.24, or 12 1/2%, on 12.8 million shares after CEO was fired. Sarepta Therapeutics, Inc. (SRPT) was 98 cents higher to 9.47, or 12%, on 4.8 million shares. Feihe International, Inc. (ADY) gained 66 cents to 7.15, or 10%. PetroLogistics LP (PDH) slowly climbed its way up 1.06 to 12.04, or 10%. Cornerstone Therapeutics Inc. (CRTX) spiked 67 cents to 7.67, or nearly 10%.
Mitek Systems Inc. (MITK) jumped 27 cents to 3.69, and Yelp, Inc. (YELP) was up 1.11 to 20.62.
ProShares Ultra Long DJ-UBS Natural Gas (BOIL) jumped 5.70 to 57.00 even. United States Natural Gas (UNG) gained 1.17 to 21.91.
On the downside today, Amazon.com Inc. (AMZN) lost 1.23 to 236.09, Google Inc. (GOOG) gave back 2.66 to 632.30, and Netflix, Inc. (NFLX) dropped 1.17 to 57.75.
Pharmacyclics Inc. (PCYC) gave back 1.36 to 53.48.
The ProShares UltraShort Silver (ZSL) was down 2.02 to 63.09.
Stepping back and reviewing the hourly chart patterns, the indices moved up sharply at the open for the first 10 or 20 minutes, and then rolled over hard to test support. It took it up slightly, but then consolidated for the rest of the day, although it made a nominal new low in the afternoon on the NDX, but held support at 2635. The S&P 500 failed to even take out its mid-day lows. Without that downside follow-through, the indices firmed up into the close, and closed just marginally lower today.
It’s not that bad of a start to the week considering the big run-up we had last week.
Let’s see how it goes tomorrow.
Good Trading!
Harry