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Closing Technical Market Analysis for Mon March 26th 2012
The stock market indices started out with big gaps up. Then ran hard into midday, consolidated, and ran stronglt higher in the afternoon, closing at the highs for the day going away.
It was a huge day for Wall Street. However, the Nasdaq 100 index closed near key resistance at the top of its rising channel over the last few months and at the high for the day.
Net on the day, the Dow was up 160.90 at 13,241.16, the S&P 500 up 19.40 to 1416.51, and the Nasdaq 100 up 49.47 at 2778.02.
Advance-declines were nearly 3 to 1 positive on the New York Stock Exchange, and more than 3 1/2 to 1 positive on Nasdaq. Up/down volume was more than 6 to 1 positive on New York, with total volume of about 700 million shares traded today. Nasdaq traded about 1.6 billion shares and had a 4 1/2 to 1 positive volume ratio.
TheTechTrader.com board had a big day. Apple Inc. (AAPL) led the way, up 10.93 to 606.98, just pennies off the high for the day.
Other gainers of note included SIGA Technologies Inc. (SIGA), up 80 cents to 3.49, or 30%, on 2.9 million shares traded. Arena Pharmaceuticals, Inc. (ARNA) jumped 60 cents to 3.01, or 25%, an amazing 58.4 million shares, on positive drug news. Verenium Corporation (VRNM) was up 61 cents to 3.69, or 20%, on 1.6 million shares. GRAVITY Co., Ltd. (GRVY) gained 47 cents to 3.41, or 16%, on nearly 2.4 million shares. Threshold Pharmaceuticals, Inc. (THLD) advanced 69 cents to 8.03, or 9%, on 6.8 million shares. Clean Diesel Technologies, Inc. (CDTI) was up 50 cents to 4.45, or 12.6%.
Carrols Restaurant Group, Inc. (TAST), on news of acquiring 278 restaurants from Burger King, was up 1.56 to 14.09, or 12.5%, on nearly 500,000 shares, which is very good for that stock. Another restaurant, BJ's Restaurants, Inc. (BJRI), jumped 3.15 to 50.39, on news of expansion. Chipotle Mexican Grill, Inc. (CMG), also part of the restaurant group, was up 9.19 to 424.70.
Guidewire Software, Inc. (GWRE) advanced 2.48 to 35.37, but ran as high as 38.13 today. Ubiquiti Networks, Inc. (UBNT) climbed 2.37 to 32.75, and Tesla Motors, Inc. (TSLA) 3.32 to 36.40, reaching an all-time new high today. NuVasive, Inc. (NUVA) rose 1.20 to 17.56, Centene Corp (CNC) 3.01 to 47.90, and Cornerstone OnDemand, Inc. (CSOD) 1.18 to 21.73.
Mitek Systems, Inc. (MITK) was a big winner today, up 94 cents to 12.56, or 8%, trading as high as 12.79 today. Buffalo Wild Wings Inc. (BWLD) had a big day as well, up 6.38 to 94.42.
In addition, Seattle Genetics, Inc. (SGEN) was up 1.14 to 20.57, and was doing even better in the aftermarket, after receiving late drug results. Solarwinds, Inc. (SWI), one of my favorites for the year, jumped 2.35 to 41.10. Coinstar, Inc. (CSTR) was up 2.62 to 63.50.
Goldman Sachs (GS) took back 1.89 to 128.07, International Business Machines Corp. (IBM) gained 2.29 to 207.77, and Cheniere Energy, Inc. (LNG) had a big day, up 1.02 to 15.41. Rackspace Hosting, Inc (RAX) was up 1.33 to 58.33.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) jumped 3.74 to 66.03, and the Direxion Daily Financial Bull 3X Shares (FAS) was up 4.87 to 112.87.
On the downside, point-plus losers included ultra-short VelocityShares Daily 2x VIX (TVIX) down 1.28 to 5.88, losing almost two-thirds of its value in the last week. The Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 1.10 to 16.74, and iPath S&P 500 VIX Short Term Futures (VXX) fell 1.63 to 15.67.
Stepping back and reviewing the hourly chart patterns, the indices gapped up very hard in the morning, consolidated midday, and then ran in a strong rally all afternoon that took them to the highs for the day going away.
That was quite a start for the week.
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