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Closing Technical Market Analysis for Mon June 4th 2012
The stock market indices ended mixed on the session after an afternoon rally, but the day started out much differently. Despite an early pop at the opening, they rolled over hard, with the Nasdaq 100 dropping from 2481 to 2444. The S&P 500, at that point, dropped from 1282 down to 1271. That was a very sharp drop to new lows for the move. The rally back failed at resistance, and rolled over to new lows on the S&P 500, but not on the NDX. When they popped a little bit, and then backed off one more time, which was the third time, the NDX refused to get below the 2444.45 area. The S&P 500 double-bottomed around 1257, and then they took off. A sharp rally took the NDX back from 2445 to 2478, and the S&P 500 jumped from 1267 to 1280. They backed off in the afternoon, pulled back, retraced, and then snapped back in the last half hour to close mixed on the session.
Net of the day, the Dow was down 17.11 at 12,101.46, but the low was 12,035, which was about 66 points below that. The S&P 500 was up .14 at 1278.18, about 16 points off the low. The Nasdaq 100 was up 19.30 at 2478.13, and that was 34 points off the low.
Advance-declines were nearly 12 to 17 negative on New York, and flat on Nasdaq. Up/down volume was almost 5 to 3 negative on New York, with total volume of 810 million shares traded. Nasdaq traded 1.75 billion, and had a 9 to 7 positive volume ratio.
TheTechTrader.com board was mixed, but some of the large-cap stocks did well today, and called the market back, particularly Nasdaq 100, where Apple Inc. (AAPL) was up 3.30 to 564.29, 16 points off its low. Amazon.com Inc. (AMZN) was up 6.35 to 214.57, 8 points off its low. Google Inc. (GOOG) gained another 7.61 to 578.59, 7 points off its low. Netflix, Inc. (NFLX) took back 2.05 to 65.00 even, up from 62.37.
So, that was a nice reversal today.
Other gainers of note included Pharmacyclics Inc. (PCYC), which was up 1.92 to 32.38. SodaStream International Ltd. (SODA) snapped back 1.73 to 31.07.
In addition, the winner for today was Cleveland BioLabs, Inc. (CBLI), up 80 cents to 2.07, or 63%, on 4.2 million shares. Smart Balance, Inc (SMBL), which we traded today, jumped 1.00 to 7.07, or 16.5%, on 1.5 million shares, and at one point in the day, it was 30 cents higher. Auxilium Pharmaceuticals Inc. (AUXL), another stock we traded today, was up 3.06 to 21.91, or 16%, on 6 million shares. Golden Minerals Company (AUMN) gained 1.33 to 5.04 to 35.8%
Microvision Inc. (MVIS) was up 33 cents to 3.32, or 11%, on 2.3 million shares. Inphi Corporation (IPHI) advanced 72 cents to 8.82, or 9%. AuthenTec, Inc. (AUTH), one of our swing trades, broke out and ran up 4.75, but backed off to 4.60 to close up 37 cents, or 9%, on 2.5 million shares. Xenoport, Inc. (XNPT) gained 63 cents to 6.01, or nearly 12%.
Concur Technologies, Inc. (CNQR), on big news of a contract, jumped 4.06 to 62.44. Chesapeake Energy Corporation (CHK) snapped back 94 cents to 16.52. Conceptus, Inc. (CPTS) was up 99 cents to 16.94. Synacor, Inc. (SYNC) popped 45 cents to 12.40. Youku Inc. (YOKU) was up 1.11 to 23.00 even. Tudou Holdings Limited (TUDO) ran up 1.43 to 34.25. These were among some of the strong gainers on our board today.
Stepping back and reviewing the hourly chart patterns, the indices were up at the opening despite futures being down all night. Early in the morning they jumped up early on, but failed at resistance, and then came back down, bounced a couple times, and rallied in the afternoon. Net-net on the day, it was a stabilization day, but they did little to take out key overhead resistance at the 2480 level, and S&P 500 resistance now about 1282-3.
Let’s see how it goes tomorrow.
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