Volatile, Consolidation Session
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The stock market indices had an interesting, consolidation-type session, but had very sharp swings back and forth, although narrowing toward the end of the day.
The day started out with a move to the downside. The indices had a very sharp snapback to test resistance, rolled over hard to test support, and when that held, they consolidated in the afternoon. They bounced in a choppy fashion on the Nasdaq 100, and even less so on the S&P 500, but late in the session, they came on with Apple Inc. (AAPL) and Google Inc. (GOOG).
Net on the day, the Dow was up 11.54 at 13,564.64. The S&P 500 was down 1.87 at 1459.32. The Nasdaq 100 was up .94 at 2857.30.
Advance-declines were 16 to 13 negative on New York Stock Exchange, and only 68 issues negative on Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, with total volume of 620 million shares. Nasdaq traded over 1.6 billion, and had a flat volume ratio.
TheTechTrader.com board was mixed, but there were several big gainers. Leading the way, Apple exceeded 700 and closed at 701.91, up 2.13, and Google closed at 718.28, up 8.30.
Other gainers of note included Onyx Pharmaceuticals, Inc. (ONXX), up 2.29 to 83.55, and Sarepta Therapeutics, Inc. (SRPT), up 1.01 to 15.86, hitting our swing trade target.
The healthcare group did well today. VIVUS Inc. (VVUS) jumped 1.51 to 24.44. Orexigen Therapeutics, Inc. (OREX) was up 46 cents to 5.94, and Arena Pharmaceuticals, Inc. (ARNA) up 64 cents to 9.26.
Telestone Technologies Corp. (TSTC) was up 76 cents to 2.45, or 45%. Low-priced biotech stock, Catalyst Pharmaceutical Partners Inc. (CPRX) gained 44 cents to 1.99, or 28%, on 5.3 million shares. Nanosphere, Inc. (NSPH) advanced 38 cents to 3.48, or 12%, on 2.4 million shares. Denison Mines Corp. (DNN) spiked 27 cents to 1.72, or 18.6%, on 13 million shares.
Velti Plc (VELT) closed up 1.10 to 9.70, or 13%, on 4.1 million shares. Targacept, Inc. (TRGT) jumped 50 cents to 4.81, or 11.6%, on 1.4 million shares. SciClone Pharmaceuticals, Inc. (SCLN) advanced 58 cents to 5.27, or 12%, on 1.3 million shares in a very strong biotech group today.
Nergizer Holdings Inc. (ENR), which we traded today, was up 7.30 to 75.22. Rubicon Technology, Inc. (RBCN) gained 83 cents to 10.24, Celldex Therapeutics, Inc. (CLDX) 49 cents to 6.43, and Sarepta Therapeutics, Inc. (SRPT) 1.01 to 15.86.
VelocityShares 3x Long Silver ETN (USLV), which we traded today, gained 2.66 to 42.08 rounded out the gainers for today.
On the downside, Netflix, Inc. (NFLX) was down 96 cents to 56.06.
The ultra-long ETF Direxion Daily Financial Bull 3X Shares (FAS) gave back 1.49 to 112.71, and the Direxion Daily Small Cap Bull 3X Shares (TNA) was down 55 cents to 66.10. The ProShares Ultra VIX Short-Term Futures ETF (UVXY) dropped 1.66 to 30.51. The ProShares UltraShort Silver (ZSL) lost 1.83 to 39.73.
Stepping back and reviewing the hourly chart patterns, the indices came down at the opening, snapped back sharply, but then backed and filled, retested the highs, couldn’t get through, but then rolled over in the afternoon, held support, bounced around for a couple hours and then firmed up into the close to close mixed on the session.
Let’s see how it goes tomorrow.
Good Trading!
Harry