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Closing Technical Market Analysis for Tue July 24th 2012
The stock market indices had a disastrous 5-wave decline that lasted almost all session, until the last 45 minutes, or so, when they snapped back sharply to pare back the losses.
Net of the day, the Dow closed down 104.14 at 12,617.32, about 95 points off its low, the S&P 500 down 12.21 at 1338.31, about 9 points off its low, and the Nasdaq 100 down 22.47 at 2567.46, 16 points off the low.
Advance-declines were 3 to 1 negative on New York, and nearly 3 to 1 negative on Nasdaq. Up/down volume was almost 4 to1 negative on New York, with total volume of just under 800 million shares. Nasdaq traded 1.7 billion, and had a 3 1/2 to 1 negative volume ratio.
TheTechTrader.com board, as a result, was mostly lower. There were a few exceptions. Sarepta Therapeutics, Inc. (SRPT), on an FDA drug approval, jumped 5.06 to 8.52, or 145%, on 16.7 million shares. That was a huge day for that stock today. Low-priced Catalyst Pharmaceutical Partners Inc. (CPRX) advanced 25 cents to 1.35, or 23%, on 4.3 million shares. DigitalGlobe, Inc. (DGI) gained 2.53 to 17.57, or 17%, on 3.5 million shares. Healthstream Inc. (HSTM) spiked 3.29 to 26.56, or 14%. CoreLogic, Inc. (CLGX) spiked 2.63 to 23.39, or 13%, on 5.7 million shares. Cynosure, Inc. (CYNO) made its way up 2.34 to 23.86, or 11%.
ProShares Ultra VIX Short-Term Futures ETF (UVXY) was up another 67 cents to 8.86, or 8%, on nearly 30 million shares.
In addition, Sanmina-SCI Corp. (SANM), after earnings, was up 76 cents to 7.94, or 10%, on 4.6 million shares. Oclaro, Inc. (OCLR) gained 31 cents to 2.62, or 13%, on 2.6 million shares. Under Armour, Inc. (UA), after strong earnings, gained 4.41 to 52.79, or 9%, on 10.1 million shares.
Other stocks of note. E-Commerce China Dangdang Inc. (DANG) jumped back 47 cents to 5.40, Cornerstone Therapeutics Inc. (CRTX) was up 37 cents to 6.95, Supernus Pharmaceuticals, Inc. (SUPN) was up 83 cents to 12.50, Celanese Corporation (CE) 2.04 to 37.56, Ryder System, Inc. (R) jumped 2.06 to 36.72, Centene Corp. (CNC) advanced 2.12 to 36.76, and Rogers Communications Inc. (RCI) spiked 1.62 to 38.24 rounded out the gainers.
ProShares Ultra Long DJ-UBS Natural Gas (BOIL) jumped 2.04 to 55.72.
On the downside, large-cap stocks were lower today. Apple Inc. (AAPL) closed at 600.92, down 2.91, but in after-hours it’s firming as earnings are about to be released. Amazon.com Inc. (AMZN) was down 2.97 to 223.04, and Google Inc. (GOOG) lost 7.94 to 607.57.
Stepping back and reviewing the hourly chart patterns, the indices were down in a 5-wave decline, and within 45 minutes of the close, were at the session lows. When they made nominal new lows on the NDX, but not on the S&P 500 in the afternoon, with the NDX held yesterday’s low, they then snapped back sharply into the close.
Let’s see what kind of follow-through we get tomorrow.
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