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Closing Technical Market Analysis for Wed June 8th 2011
The stock market indices suffered more losses today, as the day started out with a move down, and then spent the rest of the morning consolidating before an early afternoon drop broke those patterns. They moved back and forth in the afternoon similar to what they did in the morning but at lower levels.
Net on the day, the Dow was down 21.87 at 12,048.94, the S&P 500 down 5.38 at 1279.56, and the Nasdaq 100 down 16.07 at 2252.89.
Advance-declines were 22 to 8 negative, or nearly 3 to 1, on the New York Stock Exchange, and about 3 to 1 negative on Nasdaq as well. Up/down volume was 3 to 1 negative on New York with total volume just at 1 billion shares. Nasdaq traded over 2 billion and had a 6 to 1 negative volume ratio.
It was quite a negative day, and the indices have dropped now for the last four weeks, pulling the NDX down from 1345-46 to 1277 at the low today.
TheTechTrader.com board saw the vast majority of its stocks down today. Leading the way among the losing issues was Molycorp, Inc. (MCP) down 5.49 to 53.21, LSB Industries Inc. (LXU) 2.19 to 41.53, and SodaStream International Ltd. (SODA) 2.21 to 58.86, after hitting an all-time new high at 63.20, a definite reversal day there.
Tesla Motors, Inc. (TSLA) lost 1.25 to 27.12, OmniVision Technologies Inc. (OVTI) 1.47 to 32.57, Onyx Pharmaceuticals Inc. (ONXX) 1.31 to 38.41, NXP Semiconductors NV (NXPI) 1.13 to 25.45, MAKO Surgical Corp. (MAKO) 1.55 to 29.40, Golar LNG Ltd. (GLNG) 1.44 to 30.50, and Cree Inc. (CREE), a Boxer Short, 1.66 to 37.85.
There were, however, some gainers today. Leading the way, China Information Technology, Inc. (CNIT) was up 49 cents to 1.93, China-Biotics, Inc. (CHBT) 78 cents to 5.61, FiberTower Corporation (FTWR) 15 cents to 1.34, and Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA) 6.25 to 55.86 on nearly 4 million shares.
Bob Evans Farms Inc. (BOBE) rose 3.42 to 32.94, LA(LAYN) 2.80 to 30.21, Accelr8 Technology Corp. (AXK) 77 cents to 6.34, Oncothyreon Inc. (ONTY) 35 cents to 6.50 on 1.2 million shares, Nanometrics Incorporated (NANO) 32 cents to 16.91 on news that it was included in the S&P 600, and Ariad Pharmaceuticals Inc. (ARIA) 39 cents to 9.04 on a breakout today.
Stepping back and reviewing the hourly chart patterns, the indices started lower, backed and filled all morning, and then stair-stepped their way lower midday, backing and filling again into the close.
It does not look like they are done yet, although we are getting quite oversold in this area. I expect a snapback could begin in the next 24 - 48 hours.
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