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Closing Technical Market Analysis for Mon September 10th 2012
The stock market indices started the week on a very bad note. Immediately, they were unable to get any rally going whatsoever, particularly on Nasdaq 100, which saw profound weakness in Apple Inc. (AAPL), Google Inc. (GOOG), and some of the other market generals. The S&P 500, meanwhile, did make nominal new highs just under 1439, but they rolled over, and rolled over hard and steady in declining channels. Later in the afternoon, the S&P 500 finally broke to confirm the NDX. That’s when the selling really started. By the end of the day they closed at the session lows going away.
Net on the day, the Dow was down 52.35 at 13,254.29, about 80 points off its high and right near the session lows. The S&P 500 was down 8.84 at 1429.08, was just pennies off the low. The Nasdaq 100 was down 36.76 at 2788.35, just a small fraction off the low.
Advance-declines were 3 to 2 negative, declines over advanced, on New York Stock Exchange, like amount on Nasdaq. Up/down volume was better than 2 to 1 negative on New York, with total volume of 610 million shares. Nasdaq traded over 1.5 billion, and had a 11 to 4 negative plurality.
TheTechTrader.com board, as a result of today’s action, was mixed. Leading the way on the downside, Apple Inc. (AAPL) lost 17.70 to 662.74, Amazon.com Inc. (AMZN) was down 2.05 to 257.09, Google Inc. (GOOG) down 2.05 to 700.77, and Goldman Sachs (GS) 1.65 to 114.68. Onyx Pharmaceuticals, Inc. (ONXX) lost 2.19 to 76.52.
In addition, some of our Boxer Shorts included Titan Machinery, Inc. (TITN), which we traded today, was down 5.95 to 19.41, or 23 1/2%, on 8 million shares. Zumiez, Inc. (ZUMZ) lost 1.68 to 27.47, or 6%, Acacia Research Corporation (ACTG) dropped 1.00 cents to 26.67, Joy Global, Inc. (JOY) down 1.43 to 55.20, Monster Beverage Corporation (MNST) 1.00 to 57.22, and NetEase, Inc (NTES) 1.12 to 48.99 were among other losers on the board today.
On the plus side, however, there were a lot of gainers. We traded some that did very were for theTheTechTrader.com traders today. Sunshine Heart Inc. (SSH) was up 1.61 to 8.52, or 23%, on 1.4 million shares. Rediff.com India Limited (REDF) gained 57 cents to 3.56, or 19%. Repligen Corporation (RGEN) advanced 65 cents to 6.02, or 12%.
Other gainers of note included Green Mountain Coffee Roasters Inc. (GMCR), up 2.53 to 30.36, or 9%, on 21 million shares, although it was a point higher earlier in the day. Homeowners Choice, Inc. (HCII), which was added as a swing trade today, ran 1.67 to 23.59, Nam Tai Electronics, Inc. (NTE) gained 77 cents to 10.47, and SodaStream International Ltd. (SODA) jumped 1.84 to 39.47.
The ProShares Ultra VIX Short-Term Futures ETF (UVXY) exploded today and closed up 4.05 to 38.77, or 12%, on 4.9 million shares.
ProShares Ultra Long DJ-UBS Natural Gas (BOIL) was up 3.04 to 40.89, or 8%, and United States Natural Gas (UNG) gained 92 cents to 19.04.
Stepping back and reviewing the hourly chart patterns, the indices weren’t pretty as the early rally and the S&P 500 would not confirm. The NDX did not confirm, and, in fact, was going in the opposite direction early, indicating to us that we may see a sharp pullback at some point, and we certainly did. They rolled over and came down sharply and steadily, particularly on the S&P 500, which rolled over from its midday high at 1437 1/2 to 1429.20, and closed right at the low.
This could be the top that we were looking for in this timeframe. We’ll just have to see if there’s any downside follow-through tomorrow.
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