The stock market indices ended mixed at the close, but had a rocky road. They started out with a sharp move downward, testing key support at 1040 on the S&P 500 and near the 1755 area on the Nasdaq 100, and then rallied back sharply on less than negative economic news, before backing and filling for the next several hours.
When they were unable to break back out above declining topslines and overhead resistance, they rolled over sharply to test the lows, but then held above them and snapped back in the last 30 minutes or so to close mixed on the session.
Net on the day, the Dow was up just 4.99, back over 10,000 after reaching 9941, closing at 10,014.72. The S&P 500 got down to 1040.88 and closed at 1049.27, up 35 cents. The Nasdaq 100 was 13 points off its low, down 4.64 at 1767.43.
Advance-declines were 16 to 13 positive on the New York Stock Exchange and 13 to12 negative on Nasdaq. Up/down volume was about 8 to 5 positive on New York and about 2 to 1 negative on Nasdaq. Total volume on Nasdaq was over 2 billion today, and New York volume was about 1.3 billion. Much better than yesterday.
TheTechTrader.com board for the most part was mixed, but there were some positive gainers. Leading the way today was Spreadtrum Communications Inc. (SPRD), up 1.31 to 11.46 on more the 5 million traded today.
Other gainers of note included Rex Energy Corporation (REXX) up 1.05 at 11.31, Ameresco, Inc. (AMRC) 74 cents at 12.18, Saks Incorporated (SKS) 1.30 at 7.90, VanceInfo Technologies Inc. (VIT) 68 cents at 29.17, MakeMyTrip Limited (MMYT) 60 cents at 34 even, McMoRan Exploration Co. (MMR) 18 cents at 14.19, and Isilon Systems, Inc. (ISLN) 79 cents at 19.95.
Jazz Pharmaceuticals, Inc. (JAZZ) jumped 42 cents to 8.92. Trina Solar Ltd. (TSL) continued its strong recent run, up 96 cents at 25.73. Amazon.com Inc. (AMZN) was up 1.04 at 124.83, and ADTRAN Inc. (ADTN) 34 cents at 31.43.
On the downside, point-plus losers were Cree Inc. (CREE) down 2.47 to 53.54, China Agritech Inc. (CAGC) 1.41 to 15.20, OmniVision Technologies Inc. (OVTI) 1.43 to 20.45, and Transocean Ltd. (RIG) 1.44 to 50.90.
Among other stocks of note on the downside, RINO International Corporation (RINO) dropped 48 cents to 14.68, Valassis Communications Inc. (VCI) 64 cents to 29.31, and L & L Energy, Inc. (LLEN) 56 cents to 8.46 despite tremendous earnings report today. Cirrus Logic Inc. (CRUS) lost 53 cents to 15.10. China Green Agriculture, Inc. (CGA) closed just under 10 at 9.60 down 45 cents, and Brigham Exploration Co. (BEXP) gave back 55 cents to 15.32.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, rallied sharply, backed and filled for several hours, and then dipped to retest. That was successful, resulting in a late snapback that put the blue chips slightly back into the positive column with the NDX closing lower today.
So, a mixed session, and even though support did hold it appears these patterns still look corrective and could result in yet lower levels.
Good Trading!
Harry
