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Closing Technical Market Analysis for Fri March 7th 2014
The stock market indices had a rough morning, but stabilized in the afternoon and closed positive on the blue chips, but still quite negative on the Nasdaq 100. The day started out with a little pop to the upside, and then they came down in a 5-wave decline midday where they stabilized. They had a 3-step advance in the afternoon where they thrust into the close, which caused the Dow and S&P 500 to close positive on the day.
Net on the day, the Dow was up 30.38 at 16,452.72. The S&P 500 was up 1.01 at 1878.04, 8 points off the low and 5 points off the high. The Nasdaq 100 was down 17.53 at 3703.49, 17 points off the low.
Advance-declines were negative almost 3 to 2 negative on the New York Stock Exchange, and about 13 to 12 negative on Nasdaq. Up/down volume was 4 to 3 negative on New York, with total volume of 714 million shares. Nasdaq traded a little over 1 billion shares and had a 11 to 9 negative volume ratio.
TheTechTrader.com board was mixed, but narrowly mixed for the most part. The only large-cap that we follow that was green today was Goldman Sachs Group, Inc. (GS), up 1.66 to 174.26.
InterMune Inc. (ITMN), one of our swing trades, jumped 3.29 to 33.87, on rumors of a takeover. The ExOne Company (XONE) was up 1.74 to 44.92, and Anacor Pharmaceuticals, Inc. (ANAC) up 1.20 to 21.16.
Plug Power Inc. (PLUG) ran up 1.91 to 8.27, or 30%, on 125.5 million shares, reaching another new multi-year high, and about 175% from when we gave it to our subscribers.
Retrophin, Inc. (RTRX) was up 53 cents to 19.29, Gogo Inc. (GOGO) up 51 cents to 24.80, and E-Commerce China Dangdang Inc. (DANG) 73 cents to 18.66, not too far off today’s high.
Checking the TheTechTrader.compercent-gain leaderboard, Smith Micro Software Inc. (SMSI), a market favorite today, popped 67 cents to 2.42, or 38%, on 8.6 million shares, 4000% more volume than average. Arotech Corporation (ARTX) gained 65 cents to 5.22, or 14%, on 3.8 million shares. FuelCell Energy Inc. (FCEL) ran 54 cents to 3.53, or 18%, on 87.5 million shares.
Skullcandy, Inc. (SKUL), on strong earnings, gained 1.80 to 9.23, or 14% on 13 million shares. Quantum Fuel Systems Technologies Worldwide Inc. (QTWW), one of our swing trades, thrust 85 cents to 10.25, or 9%, on 3.8 million shares, reaching over 11.00 to reach the swing-trade target.
Big Lots Inc. (BIG) jumped 6.72 to 35.97, or 23%, on 15.5 million shares. Ohr Pharmaceutical, Inc. (OHRP), which we traded, advanced 3.20 to 17.73, or 22%, on 1.1 million shares. New IPO Coupons.com(COUP) exploded 14.00 to 30.00, or 87.5%, on 11 million shares.
Other stocks of note include 58.comInc. (WUBA), which was up 4.73 to 58.32. Emergent BioSolutions, Inc. (EBS) gained 2.20 to 27.77, and Foot Locker, Inc. (FL), on good earnings, rose 3.76 to 46.49. Tekmira Pharmaceuticals Corp. (TKMR) climbed 2.17 to 28.43.
Stepping back and reviewing the hourly chart patterns, the indices went down in a 5-wave decline to midday, stabilized in the afternoon, and rallied back to close mixed on the session. Not too bad considering how it looked midday.
Let’s see what happens tomorrow.
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