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Closing Technical Market Analysis for Thu May 16th 2013
The stock market indices had a tough session with a late sell-off, putting them into negative territory. The day started out positive as the Nasdaq 100 reached 3019 today, only to rollover and close under 3000 at 2999, 20 points off its high, finishing down on the day.
Net on the day, the Dow got up to 15,302, and closed down 42.47 at 15,233.22. The S&P 500 was down 8.31 at 1650.47, 10 points off its high. Despite the new highs on Nasdaq 100 in terms of new multi-month rally highs, and new multi-year rally highs, the S&P 500 was not quite able to confirm. That led to a late sell-off. The Nasdaq 100 was down 3.28 at 2999.34.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 14 to 10 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, with total volume of 670 million shares. Nasdaq traded over 1.9 billion and had a 10 to 9 negative volume ratio.
TheTechTrader.com board was mixed. Large-cap stocks gainers included Apple Inc. (AAPL), up 5.73 to 434.58 and got down to 418.90 and tested its recent double-bottom. International Business Machines Corporation (IBM) jumped 1.37 to 204.69
Google Inc. (GOOG) was down 12.02 to 903.87, Amazon Inc. (AMZN) down 2.44 to 264.12, Netflix Inc. (NFLX) 6.37 to 237.03, Priceline Inc. (PCLN) 5.67 to 800.08, and Goldman Sachs Inc. (GS) 1.14 to 154.47.
It was quite the negative day and a lousy close. We don’t know if the top is in, but it looks like a possibility with the late downside thrust. It’s not negative enough for us go heavily short just yet.
Checking the TheTechTrader.com leaderboard, leading the way, Aegerion Pharmaceuticals, Inc. (AEGR) was up 14.73 to 61.70, or 31%, on 4.7 million shares, reaching as high as 63.72. That saved the NDX from much worse losses today. Tesaro, Inc. (TSRO) bounced 4.43 to 35.88, or 14%, on nearly a million shares. Cisco Systems, Inc. (CSCO) advanced 2.68 to 23.89, or 12 1/2%, on 201 million shares after solid earnings.
Eagle Bulk Shipping, Inc. (EGLE) popped 1.92 to 5.48, or 54%, on 12 million shares, reaching as high as 5.93, a 2900% increase in volume. Aegean Marine Petroleum (ANW) gained 1.21 to 7.71, or 19%, on 2 million shares. Halozyme Therapeutics, Inc. (HALO) advanced 1.24 to 7.98, or 18%, on 5.3 million shares.
Other stocks of note included SolarCity Corporation (SCTY), up 3.52 to 35.69, Interxion Holding NV (INXN) up 2.11 to 27.67, Green Plains Renewable Energy, Inc. (GPRE), one of our long time favorites, up 1.01 to 14.68, Uni-Pixel, Inc. (UNXL), recent new swing trade, 1.57 to 36.74, Vipshop Holdings Limited (VIPS) 1.37 to 33.17, and Cubic Corporation (CUB) 2.47 to 48.30.
Teradata Corporation (TDC) was up 2.30 to 56.57, Homeowners Choice, Inc. (HCI) up 1.46 to 33.58, F5 Networks, Inc. (FFIV) 2.69 to 82.60, and Palo Alto Networks, Inc. (PANW) 1.46 to 54.09.
Tesla Motors, Inc. (TSLA) was up another 7.41 to 92.25, on 21.5 million shares, reaching as high as 95.00 at one point in the day. CIENA Corp. (CIEN) ran 97 cents to 16.03.
On the downside, Onyx Pharmaceuticals, Inc. (ONXX) gave back 3.39 to 95.35, First Solar, Inc. (FSLR) dropped 1.70 to 48.37, and Theravance Inc. (THRX) lost 1.35 to 39.54.
Stepping back and reviewing the hourly chart patterns, the indices had a 5-wave advance on the Nasdaq 100 to reach new multi-year highs at 3019, but fell hard into the close to move back under 3000 at 2999.34. The S&P 500, unable to match those new highs today on Nasdaq 100, formed a large wedge before breaking down late in the session, dropping back from 1660 to 1649, and closing at 1650.47.
It was a negative day but not quite that bad, but we’ll have to wait to see if we get any downside follow-through.
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