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Closing Technical Market Analysis for Wed November 16th 2011
Nasty Spill for Stocks
by Harry Boxer, TheTechTrader.com
The stock market indices suffered a nasty spill today, particularly late in the session. They started out with a very sharp down move based on futures, although they came back in a 4-wave rally back to reach resistance by early afternoon. Unfortunately, in that 4-wave advance they rolled over and tested trend lines, stalled for about 20 minutes, and then cracked hard. In the last hour they dropped 44 points on the NDX from 2356 to 2322. The S&P 500 had a nasty spill as well, dropping from 1260 down to 1236, closing at the lows for the day.
Net on the day, the Dow was down 190.57 at 11,905.59, cracking below 12,000 again. The S&P 500 was down 20.89 to 1236.92, and the Nasdaq 100 down 41.87 at 2324.37.
Advance-declines were more than 3 to 1 negative on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was about 6 to 1 negative on New York, with total volume of about 900 million shares traded today. Nasdaq traded about 1.9 billion shares and had almost a 3 to 1 negative plurality.
It was quite the negative day on Wall Street today.
TheTechTrader.com was mostly lower today. Leading the way on the downside, Netflix, Inc. (NFLX) was down 5.10 to 81.18, Apple Inc. (AAPL) down 4.06 to 384.77, Goldman Sachs (GS) 4.15 to 95.60, Questcor Pharmaceuticals, Inc. (QCOR) 1.87 to 42.49, and International Business Machines Corp. (IBM) 2.13 to 186.62.
The Direxion Daily Small Cap Bull 3X Shares (TNA) lost 2.18 to 44.72, and the Direxion Daily Financial Bull 3X Shares (FAS) got smacked for 4.30 to 61.35.
There were quite a few gainers on the upside as well. Some of the gainers included low-priced ARCA biopharma, Inc. (ABIO) up 52 cents to 1.71, or 44%; NovaGold Resources Inc. (NG) 2.14 to 10.95, or 24%; Micron Technology Inc. (MU) up 1.28 to 6.74, or 23%, after news of winning in a court trial against Rambus; and Tessera Technologies Inc. (TSRA) 2.95 to 17.42, or 20%.
Central European Distribution Corp. (CEDC) gained 74 cents to 3.80, or 25%, while Verenium Corporation (VRNM) added 29 cents to 2.85, or 11%, and Netlist Inc. (NLST) 38 cents to 3.23, or 13%.
Western Digital Corp. (WDC) was up 1.77 to 26.82. Autodesk, Inc. (ADSK) up 1.54 to 35.58, Ebix Inc. (EBIX) 1.24 to 18.10, and InterDigital, Inc. (IDCC) 1.71 to 49.82.
Green Mountain Coffee Roasters Inc. (GMCR) was the highlight today up 4.69 to 52.30, or nearly 10%, on 21 million shares as analysts offered strong support of the company's growth strategy.
The ultra-shorts had a big day today. The VelocityShares Daily 2x VIX ST ETN (TVIX) jumped 5.15 to 57.13, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 1.40 to 20.03, iPath S&P 500 VIX Short-Term Futures ETN (VXX) 2.16 to 46.29, and the Direxion Daily Small Cap Bear 3X Shares (TZA) 1.39 TO 30.50.
The ProShares UltraShort Silver (ZSL), which we picked today, was up 57 cents to 11.81.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, worked their way back up, and gained about 75% of their losses before rolling over hard into the close, taking out key support, and closing at the lows for the day.
It was a very negative day indeed.
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