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Closing Technical Market Analysis for Wed November 14th 2012
The stock market indices got hit hard, but they had a much different opening, with a gap up on higher futures, only to fail quickly and then rollover hard. They bounced mid- to late- morning, and then settled into a consolidation that looked like bear wedges. In the afternoon they cracked hard and slid steadily, with the NDX dropping from 2560 down to 2528. The S&P 500 dropped from 1371 to 1347. Although in the last 5 minutes they did bounce, they didn’t manage to put much of a dent in the decline.
Net on the day, the Dow was down 185.23 at 12,570.95, about 28 points off the low. The S&P 500 was down 19.04 at 1355.49, about 3 points off its low. The Nasdaq 100 was down 29.99 to 2531.87, only 3 points off its low.
So it was a miserable day on Wall Street today.
Advance-declines were almost 9 to 1 negative on the New York Stock Exchange, with 325 up and 227 down, and 4 to 1 negative on Nasdaq. Up/down volume was 11 to 1 negative, or more, on New York, with total volume of 820 million shares. Nasdaq traded 2 billion and had a 2 1/2 to 1 negative volume ratio.
So increasing volume as the indices go down, with the oscillators extremely oversold.
TheTechTrader.com board had a lot of losers today. Leading the way to the downside, Google Inc. (GOOG) fell 6.50 to 652.55, Apple Inc. (AAPL) lost 6.02 to 536.88, Amazon.com Inc. (AMZN) was down 3.65 to 222.95, International Business Machines Corporation (IBM) dropped 2.81 to 185.51, and Goldman Sachs Group, Inc. (GS) gave back 2.23 to 114.24.
In addition, The Home Depot, Inc. (HD) lost 1.91 to 61.47, Onyx Pharmaceuticals, Inc. (ONXX) 3.11 to 71.40, Sarepta Therapeutics, Inc. (SRPT) 1.58 to 25.28 (reversing sharply mid-day), VirnetX Holding Corp (VHC) 1.71 to 31.97, and AOL Inc. (AOL) 1.89 to 36.36.
The Direxion Daily Financial Bull 3X Shares (FAS) dropped 5.25 to 95.16, and the Direxion Daily Small Cap Bull 3X Shares (TNA) gave back 2.77 to 48.44.
On the plus side, the ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 1.75 to 29.41.
Other gainers included China Auto Logistic Inc. (CALI), up 2.67 to 4.24, or 170%, on 1.2 million shares. Teavana Holdings, Inc. (TEA) gained 5.32 to 15.45, or 52.52%, on 6.5 million shares as they announced late in the session that Starbucks was acquiring them. Innotrac Corp. (INOC) advanced 97 cents to 2.94, or 49%. Novogen Limited (NVGN) ran up 1.36 to 6.29, or 28%. Royale Energy Inc. (ROYL) spiked 60 cents to 3.40, or 21 1/2%. Synergy Pharmaceuticals, Inc. (SGYP) gained 62 cents to 3.75, or 20%.
Abercrombie & Fitch Co. (ANF) was the star of the day, up 10.74 to 41.92, or 35%, on 35 million shares.
Frontline Ltd. (FRO) jumped 60 cents to 3.82, or 1%, on 3.2 million shares. Facebook, Inc. (FB) climbed 2.50 to 22.36, or 13%, 229 million shares.
In addition, Vipshop Holdings Limited (VIPS) was up 1.12 to 12.45, Woodward, Inc. (WWD) up 2.46 to 34.53, Greenbrier Companies (GBX) 1.03 to 17.76, and Engility Holdings, Inc. (EGL) 1.00 to 19.69.
The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 96 cents to 18.35. The Direxion Daily Financial Bear 3X Shares (FAZ) jumped 95 cents to 19.50.
Stepping back and reviewing the hourly chart patterns, the indices, after a brief opening flurry, came down all session, pausing midday to consolidate, and then dropping sharply in the afternoon, only to snap back in the last 5 minutes.
It was a very negative session. The indices now are extremely oversold below the bottom of their channel. The channel bottoms from the last couple weeks were broken today indicating a very oversold market.
We’ll see how it goes tomorrow.
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