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Closing Technical Market Analysis for Wed May 23rd 2012
The stock market indices had an ugly morning, a spectacular afternoon, and closed mixed on the session.
The day started out with a move down, then a snapback to resistance, which failed. From there, it rolled over hard, and completed a 5-wave move with falling wedges. At that point, I noted that we were due for a snapback rally, but I didn’t think it would be as strong as it was when it did happen. The Nasdaq 100 held 2500, and exploded to nearly 2554 just before the close. The S&P 500 went from 1296 to 1321. Both the NDX and S&P 500 backed off in the last 10 minutes, but came on again in the last few minutes to close positive on the day.
Net of the day, the Dow closed down 6.66 at 12,496.15, 185 points off its low, however, the S&P 500 was up 2.23 at 1318.86, 22 points off its low, and the Nasdaq 100 was up 7.88 at 2547.08, 48 points off the low.
Advance-declines were 3 to 2 positive on New York, but positive by only 200 issues on Nasdaq. Up/down volume was 5 to 3 positive on New York, with 840 down and 5 million up. The Nasdaq traded 1.9 billion, and had an 11 to 8 positive volume ratio.
TheTechTrader.com board had a spectacular day today. Leading the way were some of the large caps. Apple Inc. (AAPL) was up 13.59 to 370.56. Google Inc. (GOOG) popped 8.66 to 609.46. Netflix, Inc. (NFLX) jumped 4.20 to 71.91. Amazon.com Inc. (AMZN) snapped back 1.95 to 217.28. SolarWinds, Inc. (SWI) snapped back 2.40 to 47.88 as well.
Other gainers of note included some large percentage gainers. Rosetta Genomics, Ltd. (ROSG), which we traded a couple times, ran up 3.81 to 11.24, or 51%, on 6.1 million shares. Low-priced Recon Technology, Ltd. (RCON) was up 65 cents to 2.30, or 40%, on 2.5 million shares. Ambient Corporation (AMBT) advanced 1.15 to 5.40, or 27%. Patriot Coal Corporation (PCX) snapped back 48 cents to 2.55, or 22%, on 21.6 million shares. MELA Sciences, Inc. (MELA) gained 43 cents to 2.93, or 17%, on 1.6 million shares.
PetSmart, Inc. (PETM), which we traded today, had a spectacular move, up 7.30 to 62.92, or 13%, on 7.5 million shares. Westport Innovations Inc. (WPRT) snapped back 3.27 to 29.63, or 12%, on 3.3 million shares, likely on short-covering. Movado Group, Inc. (MOV) gained 2.92 to 28.86, or 11%.
Synacor, Inc. (SYNC) took back 97 cents to 11.21, Mattress Firm Holding Corp. (MFRM) gained 2.95 to 34.94, HEICO Corp. (HEI) jumped 3.39 to 41.84, Zillow, Inc. (Z) was up 3.20 to 40.19, and RailAmerica, Inc. (RA) advanced 1.89 to 24.02.
In addition, Avago Technologies Limited (AVGO) ran 2.25 to 33.52. Expedia Inc. (EXPE) gained 2.90 to 45.61. Cobalt International Energy, Inc. (CIE) snapped back 1.35 to 22.27. Stratasys Inc. (SSYS) also snapped back 2.97 to 54.49. TripAdvisor Inc. (TRIP) advanced 2.52 to 45.15.
Facebook, Inc. (FB) snapped back 1.00 to 32.00 even. Sourcefire, Inc. (FIRE) was up 1.46 to 55.56. SodaStream International Ltd. (SODA) gained 1.42 to 33.20 on news of an approval to sell products in Brazil.
It was a very, very strong day today, and nothing on our board was down as much as a point. International Business Machines Corp. (IBM) did lose 70 cents to 196.12, and Amylin Pharmaceuticals, Inc. (AMLN) was down 88 cents to 25.81.
Stepping back and reviewing the hourly chart patterns, the indices were down early in declining wedge patterns to retest lows of earlier in the week. They snapped back, making higher lows, reaching up to tag and test the declining topsline, which we haven’t actually pierced yet.
We need a follow-through to see if this is a successful retest of the lows today or not.
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