The stock market indices closed narrowly mixed but had some gyrations Friday.
Early morning the indices moved sharply higher, rallied to test resistance near 1965 NDX and 1174 S& P 500, and rolled over hard midday, reaching the session lows. They retested and then bounced back over the course of the last couple hours, but only reaching the declining topsline the last two days and still remain in 2-day declining channels. The indices closed right at their 50-day moving average on the hourly charts. Key support levels are being testing here and it’s going to be very interesting to see what they do going forward next week.
TheTechTrader.com board today was active but mostly narrowly mixed. The big gainer and star of the day was Biopharma, Inc. (ABIO) at 8.22 up 5.57 and closed up 210% today reaching as high as 9.23 at one point.
The only other point-plus gainer on the board was Sketchers USA (SKX) that reached as high as 37.74 closing at 37.40, up 1.17 for the day.
Other gainers of note: Las Vegas Sands Corp. (LVS) at 21.89 up 96 cents, China Agritech (CAGC) at 27.36 up 81 cents, Delcath Systems (DCTH) jumped 50 cents to 7.27, setting a new all-time high.
On the downside, the fractional losers included Brigham Explorations (BEXP) down another 46 cents to 15.13, and McMoRan (MMR) down 25 cents to 14.52, in a weaker oil group as oil dropped today.
Star Scientific, Inc. (CIGX), portfolio position, advanced 22 cents to 2.67 on 6.5 million today. Green Plains Renewable Energy (GPRE) jumped 38 cents to 14.68, L & L Energy (LLEN) at 10.33 up 36 cents.
On the downside other losers included JAZZ Pharmaceuticals (JAZZ) down 64 cents to 11.69, RINO International (RINO) down 86 cents to 22.87, Somaxon Pharmaceuticals (SOMX) gave back 42 cents to 9.09 on nearly 15 million shares traded today. TASER International Inc. (TASR) dropped 31 cents closing exactly at 6.00.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down midday sharply, stabilized, then snapped back towards the end of the day to retest resistance and closed right there. It’s going to be interesting to see if they have any downside follow-through or whether the rally will resume beginning next week.
Good trading!
Harry
