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Closing Technical Market Analysis for Fri January 4th 2013
The stock market indices, particularly the blue chips, managed to rally nicely today, but the Nasdaq failed to follow through. Even late in the session when it looked like the Nasdaq was breaking out to new highs to confirm, it rolled over hard into the close. We ended up down on Nasdaq, with Apple Inc. (AAPL) being the chief culprit, down 15.10 to 527, although Google Inc. (GOOG) was up 14.30 to 737.97. Other stocks in that group did okay, but Apple was a real deterrent.
The day started out with a move up, and then a pullback. The Nasdaq 100 went to new lows twice without confirmation from the S&P 500. That led to a midday rally, and then the S&P 500 and Dow consolidated midafternoon bullishly, but the NDX barely held onto support. In the last hour, they did come on to retest the highs for the day, taking them out on the S&P 500 and Dow but not on the NDX. That lack of confirmation led to a late pullback.
Net on the day, the Dow was up 43.85 at 13,435.21, 12 points off the high. The S&P 500 was up 7.10 at 1466.47, just a point off the high. The Nasdaq 100 was down 7.77 at 2724.49, 8 points off the low and 8 points off the high, so mid-range.
Advance-declines, however, were 3 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of 642 million shares. Nasdaq traded over 1.7 billion and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher despite the Nasdaq 100. Goldman Sachs Group, Inc. (GS) rose 3.57 to 134.51, and Onyx Pharmaceuticals, Inc. (ONXX) was up 4.10 to 81.38.
The Direxion Daily Financial Bull 3X Shares (FAS) jumped 4.47 to 133.95 and the Direxion Daily Small Cap Bull 3X Shares (TNA) was up 1.31 to 70.55.
The leader on our board to was Uni-Pixel, Inc. (UNXL), up 2.85 to 16.95, or 20%, on 1.8 million shares, 900% more volume than normal. That was a very nice trade for that stock. We initiated a swing trade on it this morning under 16.
Shippers were strong today. Eagle Bulk Shipping, Inc. (EGLE) was up 46 cents to 2.26, or 25 1/2%, on 2.6 million shares, a 1900% increase in volume. Paragon Shipping Inc. (PRGN) gained 44 cents to 3.00, or 17%. Genco Shipping & Trading Ltd. (GNK) snapped back 28 cents to 4.13, or 8%, on 1.9 million shares.
Other gainers of note included SolarCity Corporation (SCTY), which jumped 1.40 to 14.42, or 11%, on 1.4 million shares. Acme Packet, Inc. (APKT) popped 2.56 to 23.94, or 12%, on 5 million shares. Harvest Natural Resources Inc. (HNR) gained 1.04 to 10.25, or 11%, on 2.2 million shares. MBIA Inc. (MBI) advanced 95 cents to 9.09, or 11.7%, on 10 million shares.
Airlines were strong today. US Airways Group, Inc. (LCC), on rumors of a merger with America Airlines again, was up 1.07 to 14.73, or 8%, on 12 million shares.
Krispy Kreme Doughnuts, Inc. (KKD) had a big day, up 1.06 to 11.15, or 10.5%, on 4 million shares. Yelp, Inc. (YELP) was up 1.37 to 21.52, and Progress Software Corp. (PRGS) ran 1.13 to 22.02 rounded out the gainers today.
Stepping back and reviewing the hourly chart patterns, the indices were vastly different in the morning. The Nasdaq 100 showed pressure and got all the way down to test the 2715-6 zone, but did bounce off of there, while the S&P 500 was pulling back much more gently. The S&P 500 then went to new highs along with the Dow, but the NDX was unable to do so.
Nevertheless, it was a positive day for the blue chips, but not so much for Apple and the Nasdaq 100. At the end of the day, however, it was a positive session to end a positive week for the market.
We’ll see how it goes on tomorrow.
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