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Closing Technical Market Analysis for Wed April 23rd 2014
The stock market indices had a difficult session today. The day started out with a drop to the down side, and a sharp drop at that. They bounced back, but when that failed, they stair-stepped their way lower in falling wedges. The S&P 500 dropped in more of a sideway coiling-type pattern. A late rally attempt failed, and they rolled over into the close to close solidly lower on the session.
Net on the day, the Dow was down 12.72 at 16,501.65, about 24 points off the low, and 25 points off the high. The S&P 500 was down 4.16 at 1875.39. The Nasdaq 100 was down 31.77 at 3557.04, just pennies off the low for the day.
Advance-declines were 1495 to 1572 on the New York Stock Exchange, and more than 2 to 1 negative on Nasdaq. Up/down volume was 11 to 10 negative on New York, with total volume of 633 million shares. Nasdaq traded 1.7 billion shares and had a more that 2 to 1 negative volume ratio.
TheTechTrader.com board was mostly negative today. Leading the way to the downside,priceline.com Incorporated (PCLN) down 10.05 to 1219.95, Google Inc. (GOOG) down 7.87 to 526.94, Apple Inc. (AAPL) down 6.95 to 524.75,Amazon.com Inc. (AMZN) down 4.74 to 324.58, and Netflix, Inc. (NFLX) 19.40 to 353.50.
Tesla Motors, Inc. (TSLA) gave back 10.65 to 207.99.
Intuitive Surgical, Inc. (ISRG), on earnings, was down a whopping 48.40 to 373.93. Facebook, Inc. (FB) fell 1.67 to 61.36, but was up 1.50 in afterhours, and SolarCity Corporation (SCTY) lost 1.69 to 59.22, just to mention a few that had a bad day today.
Biotech stocks were down as well today. Arrowhead Research Corp. (ARWR) shed 71 cents to 12.81, Horizon Pharma, Inc. (HZNP) gave back 36 cents to 14.40, and InterMune Inc. (ITMN) dropped 1.02 to 29.81, along with many others in that sector that were down.
There were some winners today. Vipshop Holdings Limited (VIPS) was up 2.80 to 156.35, and SunPower Corporation (SPWR), on a $250 million solar-lease program with Google Inc. (GOOG), ran up 2.11 to 31.48.
Checking the TheTechTrader.com percent-gain leaderboard, there were a few solid gainers for most of the session. Unilife Corporation (UNIS) popped 39 cents to 3.58, or 12%, on 1.7 million shares. BioFuel Energy Corp. (BIOF) climbed 1.13 to 8.75, or 15%, on 3.5 million shares.
Xoom Corporation (XOOM) jumped 3.32 to 23.02, or 17%, on 3.3 million shares, reaching as high as 24.11. GW Pharmaceuticals (GWPH) exploded 8.46 to 69.32, or 14%, on 5.4 million shares. Navigator Holdings Ltd. (NVGS) gained 2.85 to 26.97, or 12%, on 1.9 million shares. SodaStream International Ltd. (SODA), on takeover rumors, advanced 4.33 to 44.76, or 11%, on 8.4 million shares.
Other stocks of note included Skyworks Solutions Inc. (SWKS) up 3.54 to 41.50, Goodrich Petroleum Corp. (GDP) up another 1.50 to 26.46, Natus Medical Inc. (BABY) up 1.69 to 26.08, and Delta Air Lines Inc. (DAL) 2.14 to 37.09.
Stepping back and reviewing the hourly chart patterns, the indices started out with a sharp drop, stair-stepped their way lower, and closed not far off the lows. It was a very negative reversal day today, although the indices were at the close yesterday at key overhead resistance, so I’m not surprised at the pullback.
Let’s see what the next day or two brings, because it’s kind of a key area.
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