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Closing Technical Market Analysis for Wed June 6th 2012
The stock market indices had an exceptional up-day today with very strong technicals. The only thing missing was volume, but some indulgence took care of that.
The day started out with strong overnight futures, they gapped up above the moving averages on the hourly charts, and ran sharply higher in the morning until mid-day when they backed off to retest. That was successful. They bounced around and pulled back one more time, forming wedges, until late in the day when they exploded in the last 20-25 minutes, and then ran into the highs for the day going away.
It was a spectacular day for the indices.
Net of the day, the Dow was up 286.84 at 12,414.79, the S&P 500 was up 29.63 at 1315.13, and the Nasdaq 100 up 58.82 at 2546.32.
All three indices closed at the highs for the day.
Advance-declines were nearly 7 to 1 positive, with a spectacular 2684 up, and 77 down on New York, and 5 to 1 positive on Nasdaq. Up/down volume was about 11-12 to 1 positive on New York, with total volume 865 million shares traded. Nasdaq traded a little over 1 3/4 billion, and had an 11, almost 12 to 1 positive volume ratio.
TheTechTrader.com board was sharply higher across the board. Leading the way, Google Inc. (GOOG) snapped back 10.16 to 580.57. Apple Inc. (AAPL) gained back 8.63 to 571.46. Amazon.com Inc. (AMZN) took back 4.43 to 217.65. International Business Machines Corp. (IBM) was up 4.79 to 193.99. Goldman Sachs (GS) snapped back 2.75 to 94.96.
SodaStream International Ltd. (SODA) was up 1.40 to 35.07. SolarWinds, Inc. (SWI) gained 1.40 to 44.21. VirnetX Holding Corp (VHC) jumped 1.24 to 32.74.
Some of the percentage gainers included InvenSense, Inc. (INVN), up 1.48 to 11.58, or 15%, on 4.1 million shares. Iron Mountain Inc. (IRM) was up 3.92 to 32.32, or 13.8%, on over 10 million shares. E-Commerce China Dangdang Inc. (DANG) snapped back 52 cents to 5.30, or 11%, on 2.3 million shares. Cornerstone OnDemand, Inc. (CSOD) gained 1.93 to 20.19, or 11% on a big session. Ancestry.com Inc. (ACOM) jumped 2.43 to 25.05, or 11%, on nearly 3 million shares, after news of a potential sale. Terex Corp. (TEX) ran 1.80 to 18.15, or 11%, on 10.6 million shares.
Bank of America Corporation (BAC) ran up 54 cents to 7.64, or nearly 8%, on a whopping 355.9 million shares today.
In addition, Groupon, Inc. (GRPN) jumped 85 cents to 10.63, USG Corporation (USG) gained 1.47 to 15.94, Skechers USA Inc. (SKX) gained 1.28 to 18.19, Synacor, Inc. (SYNC) advanced 94 cents to 12.07, and Mitek Systems Inc. (MITK) was up 19 cents to 2.37.
Green Mountain Coffee Roasters Inc. (GMCR) popped 1.58 to 24.52, Questcor Pharmaceutical (QCOR) jumped 2.99, Mellanox Technologies, Ltd. (MLNX) gained 3.50 to 61.50, Chesapeake Energy Corporation (CHK) advanced 1.21 to 18.21, and NuVasive, Inc. (NUVA), one of our recent swing trades, gained 1.11 to 20.37.
Incyte Corporation (INCY) gained 1.47 to 23.21. Wwing trade Spreadtrum Communications Inc. (SPRD) was up 1.13 to 19.59. Acme Packet, Inc. (APKT) advanced 1.41 to 24.31. OmniVision Technologies Inc. (OVTI) snapped back 71 cents to 14.52. Trex Co. Inc. (TREX) gained 1.12 to 27.58. Avago Technologies Limited (AVGO) popped 1.56 to 32.97. TripAdvisor Inc. (TRIP) jumped 1.90 to 42.99. Sears Holdings Corporation (SHLD) was up 2.63 to 50.48. Sourcefire, Inc. (FIRE) gained 2.02 to 51.85. Titan Machinery, Inc. (TITN) ran up 2.38 to 33.31. These were among the gainers today on our board.
The Direxion Daily Financial Bull 3X Shares (FAS) snapped back 6.03 to 78.12, and the The Direxion Daily Small Cap Bull 3X Shares (TNA) gained back 3.24 to 47.70.
On the downside, ultra-shorts got slammed. The Direxion Daily Financial Bear 3X Shares (FAZ) lost 2.43 to 26.67, the ProShares Ultra VIX Short-Term Futures ETF (UVXY) lost 2.97 to 17.65, and the ProShares UltraShort Silver (ZSL) lost 4.19 to 60.33.
Stepping back and reviewing the hourly chart patterns, the indices gapped up and ran hard until mid-day, and then backed off and consolidated in the afternoon only to explode in the last half hour to close at the highs for the day going away.
It was a spectacular session for the indices, indeed, taking out the major declining topsline on the S&P 500 at the close. A significant day perhaps, we shall see.
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