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Closing Technical Market Analysis for Fri May 11th 2012
The stock market indices had a very strong rally after a brief dip at the opening. They tested support, and rallied sharply back, but the Nasdaq 100 reached down to 2605, and then rallied sharply up to 2643, a 38-point rally. The NDX, in the next hour and a half, had a very powerful move, and the S&P 500 jumped from 1349 to 1366 by mid-morning. They then began to pull back in an orderly fashion, but that kept going all day. At the end of the day, they reached down toward the 2615-16 zone on the NDX, and 1353 1/2 on the S&P 500. Unfortunately, that put all of the indices back in the red column for the day.
The indices ended down for the session and for the week, a very negative reversal, and a bad way to end the week. Certainly, with the patterns that formed, they look like large wedges, and we could see lower levels, if they crack here.
Net of the day, the Dow was down 34.44 at 12,820.60, the S&P 500 down 4.60 at 1353.39, 12 points off the high, and the Nasdaq 100 down just 26 cents at 2615.98, 27 points off its high.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 3 to 2 negative on Nasdaq as well. Up/down volume was 2 to 1 negative on New York, total volume 765 million. Nasdaq traded 1.7 billion, and had a 9 to 8 negative volume ratio.
TheTechTrader.com board was mixed, but surprisingly, mostly higher. Leading the way today on the upside, Arena Pharmaceuticals, Inc. (ARNA), on drug approval, jumped 2.66 to 6.32, or 73%, on 76.5 million shares, although it did trade over 7.00 earlier in the day. Repros Therapeutics Inc. (RPRX) had a spectacular session, up 2.34 to 7.84, or 42%, on 2.8 million shares. That was 3500% increase in volume. Greenway Medical Technologies, Inc. (GWAY) climbed 3.22 to 15.54, or 26%.
In addition, Orexigen Therapeutics, Inc. (OREX) was up 64 cents to 3.99, or 19%, on 5.6 million shares. McDermott International Inc. (MDR) gained 1.48 to 11.37, or 15%, on 17.7 million shares. AVG Technologies (AVG) advanced 1.30 to 14.13, or 10%. VIVUS Inc. (VVUS), also on drug news, up 2.01 to 24.70, or 8.8%, on 6.9 million shares. Xenoport, Inc. (XNPT) gained 48 cents to 5.21, or 10%.
Also, CIENA Corp. (CIEN) was up 1.04 to 13.10, Dillard's Inc. (DDS) up 4.25 to 70.44, Heartware International Inc. (HTWR) 4.82 to 81.96, Golar LNG Ltd. (GLNG) 2.18 to 34.72, Select Comfort Corporation (SCSS) 1.45 to 28.47, Medivation, Inc. (MDVN) 4.00 to 82.97, Tempur Pedic International Inc. (TPX) 2.38 to 52.30, and Tangoe, Inc. (TNGO) 1.12 to 22.72 were among some of the point-plus gainers on our board today.
Other gainers of note included Netflix, Inc. (NFLX), up 5.00 to 77.42. Bed Bath & Beyond Inc. (BBBY) up 2.80 to 71.55, and Onyx Pharmaceuticals, Inc. (ONXX) 1.40 to 44.27. Vertex Pharmaceuticals Incorporated (VRTX) advanced another 1.83 to 62.02.
On the downside, Apple Inc. (AAPL) was down 3.81 to 566.71, Goldman Sachs (GS) down 4.19 to 102.13, and the Direxion Daily Financial Bull 3X Shares (FAS) down 2.52 to 92.50 were the only point-plus losers on our board today.
Stepping back and reviewing the hourly chart patterns, despite a low opening, the indices exploded on some positive economic news, ran sharply higher by late morning, peaked out, and then rolled over, and continued to rollover all session, putting the indices back in the red.
It was a nasty close for the week. We’ll see how it goes next week.
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