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Closing Technical Market Analysis for Thu November 1st 2012
The stock market indices spent much of the afternoon consolidating, but the morning saw a big run-up.
The day started out with a strong opening. The indices reached their session highs by noon, and then pulled back, but held support and consolidated the rest of the afternoon in a beautifully formed flag or coil, which may lead to more upside.
Net on the day, the Dow closed up 136.16 at 13,232.62, 11 points off the highs. The S&P 500 was up 15.43 at 1427.59, less than a point off the high. The Nasdaq 100 was up 39.60 at 3687.52, 3 points off its high.
Advance-declines were 3 1/2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of 785 million shares. Nasdaq traded over 1.86 billion and a 4 to 1 positive volume ratio.
Technicals were very strong today.
TheTechTrader.com board was mostly higher today. Large-cap stocks edged into the plus column. Google Inc. (GOOG) was up 7.29 to 687.59, Apple Inc. (AAPL) jumped 1.22 to 596.54, Goldman Sachs (GS) snapped back 2.46 to 124.85, and International Business Machines Corp. (IBM) took back 2.62 to 197.15.
Other gainers of note on our board today included Direxion Daily Financial Bull 3X Shares (FAS), up 4.12 to 113.25, and the Direxion Daily Small Cap Bull 3X Shares (TNA), up 2.13 to 59.22.
In addition, Peabody Energy Corp. (BTU) was up 1.38 to 29.28, Cliffs Natural Resources Inc. (CLF) up 1.45 to 37.72, Onyx Pharmaceuticals, Inc. (ONXX) 1.99 to 80.33, Sarepta Therapeutics, Inc. (SRPT) 1.94 to 23.27, and SolarWinds, Inc. (SWI) 1.30 to 51.89
Percent gainers included Impac Mortgage Holdings Inc. (IMH), which we traded today, was up 3.12 to 13.22, or 31%.Rediff.com India Limited (REDF) jumped 52 cents to 2.46, or 27%. Wabash National Corp. (WNC) gained 1.48 to 7.79, or 23 1/2%, on 4.3 million shares. Gentiva Health Services Inc. (GTIV) advanced 1.99 to 11.35, or 21%.
Prestige Brands Holdings, Inc. (PBH) was up 3.21 to 20.60, or 18%. Newport Corp. (NEWP) jumped 1.82 to 12.64, 16 1/2%. AVG Technologies (AVG) gained 1.51 to 12.00, or 14%, on 1.1 million shares. Sourcefire, Inc. (FIRE) popped 5.69 to 48.48, or 13%, on 4.2 million shares. Vringo, Inc. (VRNG) snapped back 28 cents to 2.85, or 11%, on 14 million shares. Golar LNG Ltd. (GLNG) was up 3.90 to 42.80, Heartland Payment Systems, Inc. (HPY) up 2.48 to 28.56, Visteon Corp. (VC) 4.05 to 48.15, Green Mountain Coffee Roasters Inc. (GMCR) 2.16 to 26.34, and Bon-Ton Stores Inc. (BONT) 1.23 to 13.49.
Catamaran Corporation (CTRX) was up 4.04 to 51.20, Aspen Technology, Inc. (AZPN) up 2.12 to 26.90, Trex Co. Inc. (TREX) 2.34 to 37.28, and IPG Photonics Corporation (IPGP) 3.90 to 57.05.
On the downside, Ellie Mae, Inc. (ELLI) was down 1.47 to 23.53 on earnings, Netflix, Inc. (NFLX) gave back 1.55 to 77.69, and ProShares Ultra VIX Short-Term Futures ETF (UVXY) dropped 5.17 to 26.90.
Stepping back and reviewing the hourly chart patterns, an explosive move broke the indices out across declining moving averages and price resistance, and then they consolidated the rest of the afternoon just beneath initial, overhead resistance. It’s a good sign that the rally can continue.
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