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Closing Technical Market Analysis for Thu May 31st 2012
The stock market indices had an interesting day. It was very volatile, but they did close negative on the session due to a last half-hour sell-off.
The day started out with a very negative move to the downside today, testing key support from earlier in the week. The Nasdaq 100 actually took that out, but the S&P 500 did not, and that caused a mid-day snapback. They rolled over to retest, bounced a couple times, and then spiked up late in the afternoon to new highs for the day, reaching 2540 NDX from a low of 2507 earlier, and reaching 1320 on the S&P 500 from a low of 1299. So we had a nice little snapback today, but in the last 15 minutes, the NDX dropped from 2540 to 2524.51 and closed there. The S&P 500 dropped from nearly 1320 to 1310.50, or so.
Net of the day, the Dow was down 26.41 at 12,393.45, closing under 12,400, the S&P 500 down 2.99 to 1310.33, almost 10 points off its high, and the Nasdaq 100 down 12.53 at 2524.87, about 16 points off the high, but 17 points off the low, so mid-range today for both indices.
Advance-declines moved into the negative column by 119 issues on New York, and 260 issues on Nasdaq. Up/down volume was 7 to 6 negative on New York, with total volume 1.3 billion shares traded. Nasdaq traded 2.1 billion, and had a 4 to 3 negative volume ratio. So there was a volume increase today, which was kind of interesting.
TheTechTrader.com board was quite mixed. The big gainer today was Endeavour International Corporation (END), after completing an acquisition of the working interest of an oil company, jumping from under 6.00 to over 10, closing up 4.13 to 9.99, or 70, on 7.7 million shares. In addition, Microvision Inc. (MVIS), on a contract with Panasonic, was up 74 cents to 2.65, or 38%, on 5.2 million shares. Synta Pharmaceuticals Corp. (SNTA) gained 65 cents to 4.81, or 16%, on 2.1 million shares. CIENA Corp. (CIEN) jumped 1.67 to 13.55, or 14%, on 21 million shares. CGI Group, Inc. (GIB) ran up 2.79 to 23.21, or 13%, on 1.4 million shares. Bon-Ton Stores Inc. (BONT) advanced 61 cents to 5.26, or 13%. Gaylord Entertainment Co. (GET) popped 3.47 to 37.95, or 10%, on 8.6 million shares.
Rosetta Genomics, Ltd. (ROSG), which we traded, gained another 1.43 to 13.75, or 11%, on 1.4 million shares. Vringo, Inc. (VRNG) was up 29 cents to 3.79, or 8%, on 1.7 million shares.
OmniVision Technologies Inc. (OVTI) was up nearly a point, up 98 cents to 16.18. Procera Networks, Inc. (PKT), one of our favorites, was up 1.12 to 20.90. BroadSoft, Inc. (BSFT) jumped 1.62 to 27.31. Zumiez, Inc. (ZUMZ) gained 2.05 to 36.82. Flowers Foods, Inc. (FLO) advanced 1.19 to 22.02.
The airline sector had a good day today. JetBlue Airways Corporation (JBLU) jumped 46 cents on an upgrade to 5.22, gaining 10%, on 15.1 million shares. United Continental Holdings, Inc. (UAL) was up 1.00 even to 25.17. Delta Air Lines Inc. (DAL) gained 35 cents to 12.10.
Other gainers of note included The Fresh Market, Inc. (TFM), up 1.97 to 58.12, and Liquidity Services, Inc. (LQDT), one of our favorites for the year, up 2.25 to 63.89.
Amazon.com Inc. (AMZN) gained 3.68 to 212.91. Facebook, Inc. (FB) took back 1.41 to 29.60. Goldman Sachs (GS) was up 1.09 to 95.70.
On the downside, Apple Inc. (AAPL) gave back 1.44 to 577.73, but closed significantly off the low. Google Inc. (GOOG) was down 7.37 to 580.86. International Business Machines Corp. (IBM) lost 1.63 to 192.90.
We’ll see how it goes. They’re either trying to bottom in this area or mass-consolidate before more downside.
We’ll just have to see how it works out, with today being the month’s end, and June 1st at mid-year, we’ll have to see what the market wants to do at this point.
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