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Closing Technical Market Analysis for Fri June 15th 2012
The stock market indices had an explosive way to close the week, opening strong, consolidating midday, and running in the afternoon. They then spiked into the close, closing sharply higher, with big gains on the day, good technicals, and an increase in volume.
It was a big day for Wall Street, indeed. What occurred as well was a breakout of the neckline of a multi-week head-and-shoulder pattern in which all goes well for a complete reversal of a downtrend.
As I said to you a few days ago, perhaps the summer rally is on the way.
Net of the day, the Dow was up 115.26 at 12,767.17, 7 points off its high, the S&P 500 was up 13.74 at 1342.84, less than a point off the high, and the Nasdaq 100 up 31.26 at 2571.23, just 1 points off the high.
It was a very strong close for most of the indices.
Advance-declines were about 21 to 9 positive on New York, and 17 to 7 positive on Nasdaq. Up/down volume was about 4 to 3 positive on New York, with total volume 1.5 billion shares traded. Nasdaq traded 1.9 billion, and had a better that 5 to 1 positive volume ratio.
TheTechTrader.com board was exceptionally strong today, and we had many point-plus gainers and runners. Leading the way, low-priced ATP Oil & Gas Corp. (ATPG) ran to 4.00 and as high as 6.00, before getting hammered into the close, but still it was up 1.20 to 5.23, or nearly 30%, on 12.7 million shares. BroadVision, Inc. (BVSN) gained 2.46 to 12.37, or 25%, on 1.5 million shares, although it did trade as high as 13.36 and closed a point off the high.
Low priced junior biotech stocks did well again today. Anthera Pharmaceuticals, Inc. (ANTH) advanced 51 cents to 2.74, or 23%, on 1.5 million shares. BioSante Pharmaceuticals, Inc. (BPAX) was up 37 cents to 2.70, or 16%, on 2.1 million shares.
AsiaInfo-Linkage,Inc. (ASIA) jumped 1.71 to 12.79, or 15%, on 1.3 million shares. KIT digital, Inc. (KITD) gained 62 cents to 4.70, or 15%, on 1.2 million shares. MakeMyTrip Limited (MMYT) spiked 1.50 to 16.09, or 10%.
GOL Linhas A (GOL) advanced 43 cents to 4.71, or 10%, on 2.6 million shares. Trina Solar Limited (TSL) also advanced 55 cents to 6.59, or 9%, on 3.2 million shares. We sold both of those today.
In addition, Multimedia Games Inc. (MGAM) was up 1.11 to 13.75, McMoRan Exploration Co. (MMR) gained 71 cents to 10.04, Navistar International Corporation (NAV) popped 2.12 to 29.95, PhotoMedex, Inc. (PHMD) gained 85 cents to 13.56, and Cheniere Energy, Inc. (LNG) advanced 1.06 to 14.10.
Facebook, Inc. (FB) had a very good day. It snapped back 1.65 to close just under 30, at 29.94.
Other gainers of note included Ancestry.com Inc. (ACOM), up 1.46 to 27.56, Expedia Inc. (EXPE) up 2.52 to 50.05, and Questcor Pharmaceutical (QCOR) 2.28 to 48.69.
LinkedIn Corporation (LNKD) spiked up 3.72 to 102.01. Jazz Pharmaceuticals plc (JAZZ) gained 1.39 to 44.45.
Large-cap stocks did well today. Apple Inc. (AAPL) was up 2.60 to 574.13, Google Inc. (GOOG) gained 5.46 to 564.51, and Netflix, Inc. (NFLX) advanced 3.13 to 65.79.
Ultra-long the Direxion Daily Financial Bull 3X Shares (FAS) jumped 2.97 to 83.67, and the Direxion Daily Small Cap Bull 3X Shares (TNA) was up 1.78 to 48.87.
On the downside, ultra-shorts got hammered again today, with the ProShares Ultra VIX Short-Term Futures ETF (UVXY) down 1.45 to 15.18.
That was the only point-plus loser on our board today.
Stepping back and reviewing the hourly chart patterns, the indices had a sharp rally in the morning, a midday consolidation, and a late strong surge closed the indices with a pop to the upside going away.
It’s important to be cautious, though. Even though we got a breakout on the S&P 500, we did not get confirmation on NDX, and being quadruple options expiration, we could very easily see a reversal early next week.
Good Trading and have a nice weekend!
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