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Closing Technical Market Analysis for Thu June 14th 2012
The stock market indices had a big session, but it was a wild volatile day.
The day started out with a little bit of a move down on the Nasdaq 100, but the S&P 500 didn’t follow. They then rallied sharply, taking the NDX from 2515 to 2546. The S&P 500 jumped from 1312 to 1326, right at resistance. They backed off sharply so on the NDX, but non-confirming on the S&P 500. But when news out of Europe about a beckoning of the banks hit the market, they spiked higher. Literally, in 10 minutes, the NDX went from 2521 to 2547. The S&P 500 jumped from 1321 to 1334 nearly. They pulled back quite sharply and gave back three-quarters of the gains, but then rallied back into the close and took back quite a bit of the gains in a late pullback to close positive on the session.
Net of the day, the Dow was up 155.53 at 12,651.91, about 165 points off the low, the S&P 500 was up 14.22 at 1329.09, only 4 points off its high, but 14 points off the low, and the Nasdaq 100 was up 12.53 at 2539.97, 8 points off the high, and 24 points off the low.
It was a good day for the indices from that aspect.
Advance-declines were 21 1/2 to 9 positive on New York, and 17 to 7 positive on Nasdaq. Up/down volume was about 4 to 1 positive on New York, with total volume 767 million shares traded. Nasdaq traded 1.6 billion and had a 10 to 6 positive volume ratio.
TheTechTrader.com board, as a result, was very positive, and the majority of the stocks were up today. However, some of the large-cap stock didn’t fair so well today. Apple Inc. (AAPL) was down 63 cents to 571.53, Google Inc. (GOOG) was down a 2.04 to 559.05, and Amazon.com Inc. (AMZN) lost 28 cents to 214.45.
Those were fractional losses, but still they did not participate.
Leading the way today was ETF ProShares Ultra DJ-UBS Natural Gas (BOIL), up 8.28 to 38.86, or 27%. United States Natural Gas (UNG), another ETF natural gas stock, was up 2.28 to 17.53, or 15%, on 27.6 million shares.
General Moly, Inc. (GMO) gapped from the get-go, up 59 cents to 3.31, or 21.7%, on 1.5 million shares. International Game Technology (IGT) popped 1.90 to 15.12, or 14%, on 27 million shares. Lone Pine Resources Inc. (LPR) was up 40 cents to 3.42, or 14%, on 1.9 million shares. Xenoport, Inc. (XNPT) advanced 60 cents to 5.77, or 12%, on 1.1 million shares. Vringo, Inc. (VRNG), a current swing trade of ours, snapped back 36 cents to 3.76, or 10 1/2%, on 1.8 million shares.
Junior biotech stocks did very well today. Genetic Technologies Ltd. (GENE) gained 41 cents to 3.56, or 13%. Osiris Therapeutics, Inc. (OSIR) popped 1.00 even to 8.07, or 14%, on 1 million shares. Ventrus Biosciences Inc. (VTUS) gained 81 cents to 10.85, or 8%. NterMune Inc. (ITMN) jumped 85 cents to 10.88, or 8 1/2%, on 1.3 million shares. Spectrum Pharmaceuticals, Inc. (SPPI) gained 76 cents to 12.07, or 6.7%, on 1.2 million shares.
Caribou Coffee Company, Inc. (CBOU) jumped 88 cents to 11.98, or 8%. Jive Software, Inc. (JIVE) ran 1.94 to 18.67, or 11%, on 2.2 million shares. MIPS Technologies Inc. (MIPS) gained 49 to 6.70, or 8%, on 1.8 million shares.
In addition, IMAX Corporation (IMAX) jumped 1.53 to 22.60, and Ryland Group Inc. (RYL) was up 1.28 to 21.63.
Those were some of the highlights today.
On the downside, the ultra-shorts got hammered. The Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.01 to 25.55, and the ProShares Ultra VIX Short-Term Futures ETF (UVXY) gave back 2.29 to 16.63.
Stepping back and reviewing the hourly chart patterns, the indices were down early, and then rallied nicely to late morning, before rolling over hard into late afternoon. They bounced, pulled back, and then bounced again. It was a volatile day, but they closed very positively on the day with good technicals.
We’ll have to see if there’s a follow-through tomorrow.
The neckline of the big head-and-shoulders pattern I referred to yesterday was nearly tested today. It was within a point of the neckline at 1335, but it back off and closed at 1338. Keep an eye on that level. A breakout above that could really trigger a strong short-covering rally. We’ll have to see what we get tomorrow.
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