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Closing Technical Market Analysis for Mon April 12th 2010
The stock market indices were marginally higher today, starting the day out with a strong surge to the upside, taking out 2000 on the Nasdaq 100 and reaching 1199.20 on the S&P 500. The indices then backed off to retest successfully, bounced to form wedges by mid-day, popped out of those wedges, and made new highs on the S&P 500, but failed to do so on the NDX. When that occurred they backed off in the last couple hours and gave back a big chuck of the gains.
Net on the day, the Dow was up just 8.62, but closed over 11,000 at 11,005.97. The S&P 500 at 1196.48 was up 2.11 with a high of 1199.20. The Nasdaq 100 at 1995.65 gained 1.20 with a high of 2000.56 today.
Advance-declines were 17 to 13 positive on the New York Stock Exchange and just 14 to 12 positive on Nasdaq.
TheTechTrader.com board was marginally but narrowly mixed with only a few stocks losing as much as a point. The leader today by far was low-priced Catalyst Pharmaceutical Partners Inc. (CPRX) Pharmaceutical, up 1.09 to 1.89, more than doubling in a huge percentage gain. Ambac Financial Group, Inc. (ABK) gained 1.15 to 2.25, also more than doubling today.
Other fractional gainers included low-priced Planar Systems Inc. (PLNR) at 3.62 up 48 cents today on the heaviest volume since Sept, breaking out of an 8-month base today. Pharmacyclics (PCYC) continued its torrid advance, up 35 cents to 7.54, and Integrated Silicon Solutions (ISSI) advanced 64 cents to 11.16.
Finisar (FNSR) jumped 62 cents to 16.72, Callon Petroleum Co. (CPE) 76 cents to 8.29, another new all-time high, and China Automotive (CAAS) 76 cents to 22.43.
The big gainer today in the higher-priced stock section was American International Group (AIG) at 41.22, up 3.08.
On the downside, the only point-plus loser was Clean Energy Fuels (CLNE), down 1.64 to 19.82.
Other fractional losers included L & L Energy (LLEN) down 76 cents to 13.25, City Telecom HK (CTEL) down 61 cents to 15.24, Amylin Pharmaceuticals (AMLN) down 53 cents at 23.29, and RINO International (RINO) off 41 cents to 19.59.
Northern Oil and Gas, Inc. (NOG) gave back 56 cents to 16.59, and Houston American Energy Corp. (HUSA) dropped another 38 cents to 13.82.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, consolidated, coiled, broke out mid-day, and then backed off the end of the day to close just marginally ahead. The week started out with a positive gain, but gave back some of the early gains.
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