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Closing Technical Market Analysis for Mon June 25th 2012
The stock market indices started off on a very bad note for the week with a big gap down due to the overseas news from Europe and elsewhere. But more importantly, the indices kept falling, and falling hard, until late morning when they finally found some stability. At that point, the Nasdaq 100 had dropped dramatically from an opening of 2563 down to the 2527-2528 area. The S&P 500 dropped from 1329 down to 1309. They did manage to bounce midday, backed off midafternoon to test, and then bounced to higher highs in the afternoon, but rolled over in the last 10 minutes to end up sharply lower.
Net of the day, the Dow was down 138.12 at 12,502.66, about 45 points off its low, the S&P 500 was down 21.30 at 1313.71, about 4 points off its low, and the Nasdaq 100 down 51.99 at 2533.54, only 6 points off its low.
It was a very nasty day, especially on Nasdaq 100.
Advance-declines were nearly 3 1/2 to 1 negative on New York, and 3 to 1 negative on Nasdaq. Up/down volume was almost 8 to 1 negative on New York. Nasdaq had a 7 to 1 negative volume ratio.
TheTechTrader.com board was mostly negative. Leading the way on the downside, Apple Inc. (AAPL) was down 11.33 to 570.77, just a small fraction off the low. Google Inc. (GOOG) was down 10.78 to 560.70, about 3 points off its low. Amazon.com Inc. (AMZN) gave back 2.09 to 220.07.
Large-caps stocks in Nasdaq 100 did not do well today.
Other losers included Sourcefire, Inc. (FIRE), down 2.25 to 50.90, Goldman Sachs (GS) down 2.41 to 91.22, SolarWinds, Inc. (SWI) 2.12 to 43.42, and Vertex Pharmaceuticals Incorporated (VRTX) 2.18 to 58.43.
Ultra-long Direxion Daily Financial Bull 3X Shares (FAS) was down 4.70 to 49.38, the Direxion Daily Small Cap Bull 3X Shares (TNA) lost 2.28 to 47.03, and the ultra-short ProShares UltraShort Silver (ZSL) lost 3.36 to 67.59 were among the big losers on our board today.
On the plus side, however, there were some strong gainers on our board today. Pharmacyclics Inc. (PCYC) continues to advance, up 3.73 to 51.53 today, on a dime off its high.
In addition, large percentage gainers included Overland Storage Inc. (OVRL), up 40 cents to 1.66, or 31 3/4%, on nearly 1 million shares.
Junior biotech stocks were very strong today. Amyris, Inc. (AMRS) gained 71 cents to 4.00, or 21%, on 2.9 million shares. Alexza Pharmaceuticals Inc. (ALXA) was up 65 cents to 4.62, or 16%, on 3.3 million shares. Horizon Pharma, Inc. (HZNP) advanced 95 cents to 6.22, or 18%, on 2.1 million shares. Synta Pharmaceuticals Corp. (SNTA) ran 55 up cents to 7.79, or 7%, on 3.9 million shares.
Spectrum Pharmaceuticals, Inc. (SPPI) was up 81 cents to 14.71. Medgenics, Inc. (MDGN) advanced 1.28 to 11.88. CytRx Corporation (CYTR) gained 29 cents to 5.18. Synageva BioPharma Corp. (GEVA) jumped 2.24 to 40.74.
Threshold Pharmaceuticals, Inc. (THLD) advanced 31 cents to 7.16, Endocyte, Inc. (ECYT) was up 33 cents to 7.98, and Teva Pharmaceutical (TEVA) gained 1.71 to 39.72 conpleted our list of junior biotechs today.
Ultra-short ProShares Ultra VIX Short-Term Futures ETF (UVXY) jumped 1.91 to 12.60, or 18%.
Fushi Copperweld, Inc. (FSIN) gained 76 cents to 7.49.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning in a 5-wave decline, rallied in a 3-wave corrective move, and then backed off to retest the lows. When that was successful, they tried a late rally, which failed and rolled over into the close.
That was a nasty was to start the week.
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