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Closing Technical Market Analysis for Tue July 12th 2011
The stock market indices had an even tougher session today. They were mixed near the opening, backed and filled for most of the session, had an afternoon rally to new highs for the day, and then rolled over to the lows for the session.
Net on the day, the Dow was down 58.88 at 12,446.88, the S&P 500 down 5.85 at 1313.64, and the Nasdaq 100 down 18.21 at 2343.79.
Advance-declines were 17 to 12 negative on the New York Stock Exchange and 3 to 2 negative on Nasdaq. Up/down volume was better than 2 to 1 negative on New York with total volume of 900 million shares traded, and Nasdaq traded about 2 billion shares and had a 3 to 1 negative ratio.
TheTechTrader.com had a lot of multiple point-plus losers on the board today. Coffee Holding Co.Inc. (JVA) finally gave back some of its gains today, down 6.98 to 22.37. It wasn’t surprising since the stock has run from 14 to 31 in the last two and a half or three weeks. SodaStream International Ltd. (SODA) gave back 5.99 to 66.87 as some locked-up stock came in for sale from the IPO. VirnetX Holding Corp (VHC) lost 1.72 to 38.16. NXP Semiconductors NV (NXPI) was down 1.80 to 23.21, OmniVision Technologies Inc. (OVTI) 1.33 to 31.19, Nanometrics Incorporated (NANO) 1.20 to 18.46, Goldman Sachs (GS) 1.71 to 130.31, Golar LNG Ltd. (GLNG) 1.05 to 37.76, and Amazon.com Inc. (AMZN) 1.32 to 211.23.
As oil ran today, the ProShares UltraShort DJ-UBS Crude Oil (SCO) was down 1.76 to 46.73.
On the plus side, Clean Diesel Technologies Inc. (CDTI) was up 2.51 to 5.72, or nearly 60% today, and Clean Energy Fuels Corp. (CLNE) gained 1.96 to 15.08.
Other gainers of note included MBIA Inc. (MBI) up 58 cents to 9.04, Sky-mobi Limited (MOBI) 23 cents to 9.34, and General Cable Corp. (BGC) 1.63 to 42.75.
Stepping back and reviewing the hourly chart patterns, the indices came down at the opening, bounced around, and after bouncing back they consolidated for most of the session until early afternoon when they popped and broke out. They could not follow through and rolled over hard in the last two hours to close at the session lows.
It was not a good day for the Street, and it appears that we’re in the throes of the fifth-wave down here. We could reach the 1313.10 area on the S&P 500 tomorrow, and if so the indices may be oversold enough to create a better snapback rally.
We’ll see what happens.
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