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Closing Technical Market Analysis for Thu August 9th 2012
The stock market indices had an interesting, mixed day today. This is the third day in a row that the market has held its own, while the market consolidated. Many stocks that we follow are continuing to press higher. That’s a good sign for further upside. A bad sign for the bears, for sure.
The day started out with a pop to the upside, they tested resistance, and then rolled over hard. After slightly violating support, it came back with a thrust, bringing the Nasdaq 100 from 2708 to 2725. The S&P 500 jumped from 1399 to 1405. They backed off in the last hour, and backed and filled for the rest of the session.
Net on the day, the Dow was down .45 at 13,164.19, about 35 points off its high and 40 points off the low. The S&P 500 was up 58 cents at 1402.80, only 3 points off its high and 4 points off the low. The Nasdaq 100 was up 5.59 at 2719.61, 5 points off the high and 11 points off the low.
Advance-declines were 16 to 13 positive on New York Stock Exchange, and 13 1/2 to 11 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of a very light 560 million shares. Nasdaq traded over 1.6 billion, and had a 3 to 2 positive volume ratio.
TheTechTrader.com board was mostly narrowly mixed. Even the large-cap stocks did okay today. Apple Inc. (AAPL) popped 3.52 to 620.73, closing at the upper end of the range. Goldman Sachs (GS) bounced around, and was up 1.10 to 103.60. Google Inc. (GOOG) was up 12 cents to 642.35. But Amazon.com Inc. (AMZN) was down 32 cents to 234.06.
Other gainers of note included VirnetX Holding Corp (VHC), up 1.23 to 26.73, and Amarin Corporation (AMRN) was a standout, up 1.58 to 12.92. Leading the way on one our percentage gainers was one of our recent swing trade picks, Wizzard Software Corporation (WZE), up 1.08 to 4.48, or 29%, on 259 thousand shares. Millennial Media. Inc. (MM) closed up 2.88 to 13.07, or 28%, on 2.9 million shares. Peregrine Pharmaceuticals Inc. (PPHM) gained 56 cents to 2.41, or 27%, on 6.8 million shares. IntraLinks Holdings, Inc. (IL) advanced 88 cents to 5.15, or 21%, on 1.8 million shares.
Mobile Mini, Inc. (MINI) jumped 3.31 to 17.51, or 23%, on nearly a million shares. Universal Display Corp. (PANL) bounced 6.17 to 38.99, or 19%, on 4.4 million shares. Allscripts Healthcare Solutions, Inc. (MDRX) was up 1.77 to 11.37, or 18%, on 16.4 million shares. Alpha Natural Resources, Inc. (ANR) gained 95 cents to 7.25, or 15%, on 30 million shares. Flotek Industries Inc. (FTK) jumped 1.46 to 11.86, or 14%, on 3.9 million shares. Genomic Health Inc. (GHDX) advanced 4.89 to 36.22, or 16%, on low volume. MBIA Inc. (MBI) jumped 1.30 to 10.06, or 15%, on 8.6 million shares.
Complete Genomics, Inc. (GNOM) gained 37 cents to 2.72, or 16%, on 1.8 million shares. Pluristem Therapeutics, Inc. (PSTI) was up 49 cents to 4.05, or 14%, on 3 million shares. Aruba Networks, Inc. (ARUN) up 1.30 to 16.79, FleetCor Technologies, Inc. (FLT) 3.38 to 40.08, OSI Systems, Inc. (OSIS) 6.82 to 71.26 on stellar earnings, Kenexa Corp. (KNXA) 2.30 to 32.46, LSB Industries, Inc. (LXU) 2.59 to 36.54, Alliant Techsystems, Inc. (ATK) 3.46 to 51.94, SciClone Pharmaceuticals (SCLN) 78 cents to 5.88, and Pacira Pharmaceuticals Inc. (PCRX) 1.26 to 16.20.
On the downside, the only point-plus loser on our board today was Affymax, Inc. (AFFY), down 1.00 to 15.99.
Stepping back and reviewing the hourly chart patterns, the indices were up early to test resistance, and then rolled over hard to test support, but bounced midday, and consolidated at the end of the day to close mixed on the session.
We’ll see how it goes tomorrow.
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