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Closing Technical Market Analysis for Wed October 3rd 2012
The stock market indices managed to edge into the positive column today, especially Nasdaq 100, which had the advantage of 10-point gains from Apple Inc. (AAPL) and 5 points from Google Inc. (GOOG). But the star of the day by far was Sarepta Therapeutics, Inc. (SRPT), one of our swing trades that exploded 14.99 last night, and closed today up 29.94 to 44.93, or 200%, on 28 million shares, on positive news of a new drug that may be a cure for muscular dystrophy. That was certainly a fantastic move today, to say the least.
The day started out with a pop up, a sharp move back, and then a 5-wave advance, until midday when they pulled back down into afternoon-pullback wedges and channels. When they stabilized late in the session, they did come back to close positive on the session.
Net on the day, the Dow was up 12.25 at 13,494.61. The S&P 500 was up 5.24 at 1450.99. The Nasdaq 100 was up 19.55 at 2818.84.
Advance-declines were nearly flat, and about 5 issues lower on New York Stock Exchange, and about 180 issues lower, and by about 13 to 11, on Nasdaq. Up/down volume was slightly positive by about 17 to 15 on New York, with total volume of 640 million shares. Nasdaq traded over 1.65 billion, and was slightly positive on advancing over declining volume.
TheTechTrader.com board had some large gainers today. As mentioned, Apple Inc. (AAPL) has a good day, up 10.18 to 671.49. Google Inc. (GOOG) was up 5.51 to 762.50, Amazon Inc. (AMZN) 5.32 to 255.92, and Netflix, Inc. (NFLX) 6.12 to 62.58.
Vringo, Inc. (VRNG) jumped 1.21 to 4.30, or 39%, on 25 million shares, on a positive court ruling against Google. Pharmacyclics Inc. (PCYC) snapped back 1.10 to 68.41, and Ellie Mae, Inc. (ELLI) gained 2.15 to 28.92.
The Direxion Daily Financial Bull 3X Shares (FAS) rose 2.59 to 109.4.
Ocwen Financial Corp. (OCN), which we traded today, popped 5.92 to 34.88, or 20%, on nearly 10 million shares, Local Corporation (LOCM) gained 37 cents to 2.29, or 19%, and Biotech BioLineRx, Ltd. (BLRX) advanced 44 cents to 3.05, or 17%.
Other gainers of note included Alere Inc. (ALR), which jumped 1.76 to 21.15. Cynosure, Inc. (CYNO) was up 1.99 to 26.65, Emeritus Corp. (ESC) 1.68 to 22.74, Lennar Corp. (LEN) 2.42 to 37.41, and SPX Corporation (SPW) 4.02 to 68.01, Stratasys Inc. (SSYS) 3.65 to 60.20, and CalAmp Corp. (CAMP) 72 cents to 9.18.
In the airlines group, US Airways Group, Inc. (LCC) was up 90 cents to 11.78, and (UAL) United Continental Holdings, Inc. gained 1.20 to 21.14.
ProShares UltraShort DJ-UBS Crude Oil (SCO) jumped 3.37 to 44.35.
Stepping back and reviewing the hourly chart patterns, the indices gapped at the opening and quickly pulled back, but when they held, they started a 5-wave advance to reach their midday highs at nearly 2822 1/2 on the NDX and just over 1454 on the S&P 500. However, when you look at the hourly charts on the S&P 500, note that the declining topsline is all the way back to September, and has not been broken yet, despite the nominal break on the NDX.
At this point, we will be watching 2828-30 zone at resistance on the NDX, and a little over 1455, or so, which could be a breakout on the S&P 500.
So we’ll be watching those over the next few days.
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