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Closing Technical Market Analysis for Wed October 17th 2012
The stock market indices had a mixed close, but a volatile session. The Nasdaq 100 moved down fairly sharply at the opening, while the S&P 500 actually firmed up. They then both turned around and ran sharply to reach the session highs on the NDX early in the morning, and then pulled back. Falling wedges have appeared for both of them to try another high. They did, and the S&P 500 broke out to new highs at 1452, but the NDX couldn’t confirm. They both rolled over hard early afternoon. When secondary support held, they rallied back sharply only to fall back again in the last 20-30 minutes.
Net on the day, the Dow was up 5.07 at 13,556.85, 5 points off the high and 90 points off the low. The S&P 500 was up 5.99 at 1460.91, slightly off the high and 7 points off the low. The Nasdaq 100 was down 2.76 to at 2775.62, 9 points off the high and 15 points off the low.
Advance-declines were 20 1/2 to 9 positive on New York Stock Exchange, and almost 3 to 2 positive on Nasdaq. Up/down volume was nearly 3 to 1 positive on New York, with total volume of 670 million shares. Nasdaq traded nearly 1.7 billion, and had flat volume ratio.
TheTechTrader.com board had some very interesting and diverse action. Google Inc. (GOOG) was up 10.70 to 755.49, but Apple Inc. (AAPL) was down 5.18 to 644.61. Amazon Inc. (AMZN) was up 3.55 to 247.49, but International Business Machines Corp. (IBM) was down 10.37 to 200.63.
Netflix, Inc. (NFLX) was up 2.47 to 68.52, and Pharmacyclics Inc. (PCYC), reaching 70 today, closed up 3.16 to 69.79. First Solar, Inc. (FSLR) jumped 1.08 to 25.17, Goldman Sachs (GS) rose 1.70 to 124.92, and Cliffs Natural Resources Inc. (CLF), a recent swing trade pick, gained 1.55 to 45.62. Peabody Energy Corp. (BTU), another swing trade, surged 1.55 to 26.85.
There were quite a few other stocks on the upside on our board today. Sify Technologies Limited (SIFY), on earnings, was up 42 cents to 2.71, or 18%, on 3.6 million shares. InterMune Inc. (ITMN), a biotech company, was up 1.30 to 9.27, or 16%, on 4.3 million shares.
Our day-trade picks did well today. Badger Meter Inc. (BMI) jumped 5.73 to 43.62, or 15%. United Rentals, Inc. (URI) advanced 5.26 to 39.22, or 15 1/2%, on 12 million shares. Centene Corp. (CNC) gained 3.83 to 38.81, or 11%, on 3.2 million shares. Cree, Inc. (CREE) popped 2.73 to 28.92, or 10%, on 7.9 million shares.
Homebuilders were strong across the board today. KB Home (KBH) was up 1.34 to 16.76, Beazer Homes USA Inc. (BZH) closed up 93 cents to 18.10, M/I Homes, Inc. (MHO) gained 1.20 to 23.34, and PulteGroup, Inc. (PHM) was up 88 cents to 17.44.
Other gainers of note included Arena Pharmaceuticals, Inc. (ARNA), up 64 cents to 10.00, and Alpha Natural Resources, Inc. (ANR), up 71 cents to 9.26. Workday, Inc. Common Stock (WDAY) added 3.25 to 55.41.
Stepping back and reviewing the hourly chart patterns, the indices were down early, came back sharply, pulled back to retest and rallied to the session highs just before the lunch hour. They rolled over in the afternoon, snapped back sharply, only to pull back again into the close, and closed positive on the Dow and S&P 500, but negative on the Nasdaq 100.
It was a mixed day with positive technicals.
Let’s see how tomorrow goes, but we are at key resistance here on both indices.
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