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Closing Technical Market Analysis for Mon October 1st 2012
The stock market indices started off with a nice little pop today, but when Mr. Bernanke spoke, that grounded the rally. They came down in a 3-wave decline all session in an orderly down channel, tested key support after breaking initial support, and bounced into the close.
It was a deceptively negative day.
The Dow was up 77.98 at 13,515.11, but closed 83 points off the high. The S&P 500 was up 3.82 at 1444.49. The Nasdaq 100 plunged to the negative side, down 4.91 at 2794.28, 33 points off the high.
TheTechTrader.com board had a very bad showing for the most part today, and most of it was Apple Inc. (AAPL), down 7.71 to 659.39, trading as low as 656.50, 20-plus points off the high for the session. Although Google Inc. (GOOG) was up 7.28 to 761.78, and closed about 3 1/2 points off its high, Amazon Inc. (AMZN) was down 2.31 to 252.01. Goldman Sachs (GS) was up 3.18 to 116.86, and International Business Machines Corp. (IBM) gained 3.02 to 210.47. Patrick Industries Inc. (PATK), one of our swing trades, had a big day today, up 3.02 to 18.49.
Sarepta Therapeutics, Inc. (SRPT) gained 1.00 to 16.53. VirnetX Holding Corp (VHC) snapped back 1.08 to 26.51. Pharmacyclics Inc. (PCYC) jumped 1.06 to 65.56. Netflix, Inc. (NFLX) rose 1.61 to 56.05.
Some of the low-priced stocks were big percent gainers. Fonar Corp. (FONR) was up 1.14 to 4.89, or 30%, on 2.3 million shares. Synta Pharmaceuticals Corp. (SNTA) gained 1.79 to 9.41, or 23 1/2%, on 3.4 million shares. BioFuel Energy Corp. (BIOF) advanced 82 cents to 5.89, or 16%.
CVR Energy, Inc. (CVI) was up 3.43 to 40.18, or 9%, Generac Holdings Inc. (GNRC) up 2.14 to 25.03, Bon-Ton Stores Inc. (BONT) 84 cents to 10.34, TRW Automotive Holdings Corp. (TRW) 3.37 to 47.08, Conns Inc. (CONN) 1.57 to 23.62, Grifols, S.A. (GRFS) 1.27 to 34.10, and Abaxis Inc. (ABAX) 1.96 to 37.88. Nationstar Mortgage Holdings Inc. (NSM) continued its strong move, rising 1.71 to 34.89,
ProShares Ultra Long DJ-UBS Natural Gas (BOIL) had a big day, up 4.67 to 55.76.
On the downside today, SodaStream International Ltd. (SODA) dropped 2.16 to 37.01, and SolarWinds, Inc. (SWI) gave back 1.22 to 54.52.
Stepping back and reviewing the hourly chart patterns, the indices were up early, but came down hard after a morning rally, and closed not far off the session lows. Only thanks to a late rally did they avoid doing that, and closed mixed on the session, but exceptionally weak, in my opinion.
Let’s see how it goes tomorrow.
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