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Closing Technical Market Analysis for Mon April 2nd 2012
The stock market indices had a very nice up day, despite a weak opening. They bounced sharply, pulled back to test the moving averages, and then took off like a rocket. The upmove lasted until the final hour when they did pull back, but still closed ahead on the major averages.
Net on the day, the Dow was up 52.45 at 13,264.49, about 27 points off its high. The S&P 500 rose 10.57 to 1418.89, just 4 points off its high, and the Nasdaq 100 gained 29.15 at 2784.42, only 3 points off its high.
Advance-declines were nearly 3 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on Nasdaq. Up/down volume was about 4 to 1 positive on New York, and total volume was a light 735 million shares traded today. Nasdaq traded 1.62 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was led today by Apple Inc. (AAPL), which was up 19.08 to 618.63. However, the play of the day, which we traded, was Vringo, Inc. (VRNG), up 1.45 to 3.10, or 87.88%, on 17.8 million shares. That’s huge volume for that stock. Willbros Group Inc. (WG) jumped 69 cents to 3.93, or 21%, on 3.1 million shares. Central European Media Enterprises Ltd. (CETV) advanced 1.39 to 8.49, or 19 1/2%, on 1.2 million shares. Theravance Inc. (THRX), another stock we traded today, gained 3.79 to 23.29, or 19.4%, on 2.3 million shares, while Avon Products Inc. (AVP) on a takeover bid, climbed 3.34 to 22.70, or 17%, on 65 million shares.
In addition, Towerstream Corporation (TWER) was up 47 cents to 4.22, E-Commerce China Dangdang Inc. (DANG) 78 cents to 8.88, Smith & Wesson Holding Corporation (SWHC) 72 cents to 8.47, Kratos Defense & Security (KTOS) 52 cents to 5.86, BroadSoft, Inc. (BSFT) 3.45 to 41.70. Ancestry.com Inc. (ACOM) 1.99 to 24.73, Vaalco Energy Inc. (EGY) 66 cents to 10.11, Synacor, Inc. (SYNC) 44 cents to 8.00 even, Anika Therapeutics Inc. (ANIK) 73 cents to 13.27. Kraton Performance Polymers Inc. (KRA) 1.59 to 28.16, and EPAM Systems, Inc. (EPAM) 1.19 to 21.71.
On the downside, Mitek Systems, Inc. (MITK) on news of a lawsuit late in the day, got hammered, and dropped 2.23 to 9.37, or about 20% today. Keryx Biopharmaceuticals, Inc. (KERX) fell 3.24, or 65%, to 1.74. Groupon, Inc. (GRPN) gave back 3.11 to 15.28, BroadVision, Inc. (BVSN) 3.96 to 24.50, Nu Skin Enterprises Inc. (NUS) 1.19 to 56.72, and Netflix, Inc. (NFLX) 1.07 to 113.97.
There were many stocks on our board today that were only fractionally moved today, but Apple was the big upside pressure today, along with the Direxion Daily Financial Bull 3X Shares (FAS), which was up 2.45 to 111.60, and the Direxion Daily Small Cap Bull 3X Shares (TNA), which jumped 2.21 to 64.61.
Stepping back and reviewing the hourly chart patterns, the indices had a strong up-move from the early morning lows that took the indices to their high by mid-day, and they consolidated the rest of the day, making nominal highs in the last hour. They then rolled over to back off into the close.
Still, it was a very positive day, so we’ll have to what happens tomorrow.
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