Closing Analysis

Nasdaq Leads in Mixed Session

Closing Technical Market Analysis for Fri July 22nd 2011

The stock market indices ended mixed today. The Nasdaq 100 was very strong, with the S&P 500 slightly higher, although the Dow was lower.

The day started out with a move slightly up. They came down hard on the NDX in particular, but the S&P 500 failed to break support. They rallied very strongly with the NDX coming back from 2402 up to 2433. The S&P 500 jumped from 1337 to 1346 right to resistance. They could not get through resistance to confirm the afternoon thrust and new 2011 highs on Nasdaq 100 – which was due mainly to Google Inc. (GOOG), Apple Inc. (AAPL), Netflix, Inc. (NFLX), and other large-cap NDX stocks having a very strong session. The S&P 500 was not able to get through yesterday’s highs to 1347, which would have been a breakout to confirm. They rolled over in the last hour, then snapped back in the last 15 minutes to end mixed on the day.

Net on the day, the Dow was down 43.25 at 12,681.16, the S&P 500 up 1.22 at 1345.02, and the Nasdaq 100 up 25.26 at 2429.50, more than 1 percent today.

Advance-declines were negative by 53 issues on the New York Stock Exchange with slightly more down volume than up volume. Total volume was a light 725 million shares traded. On Nasdaq, however, up/down volume was 3 to 1 positive, with total volume of 1.62 billion, but advance-declines were slightly negative by about 33 issues.

It was a strange day on Wall Street today., however, was mostly higher. There were a lot of stocks across the board that acted well. For instance, low-priced Parkervision Inc. (PRKR) was up 25 cents to 1.22, or 26%, on 7.3 million shares. Cepheid (CPHD) gained 9.14 to 40.77, or 29%, on 4.3 million shares. Athenahealth, Inc. (ATHN) jumped 8.51 to 57.09, or 17 1/2%. Travelzoo Inc. (TZOO) was up 3.40 to 59.40. Skyworks Solutions Inc. (SWKS), a stock we traded, advanced 4.30 to 26.98. Orsus Xelent Technologies Inc. (ORS) rose 25 cents to 3.05, or 9%, with Acme Packet, Inc. (APKT) up 5.60 to 65.70, Western Digital Corp. (WDC) 2.91 to 38.04, and Ultratech, Inc. (UTEK) 2.00 to 28.32.

Other stocks of note included Molycorp, Inc. (MCP), up 1.53 to 60.33. Flotek Industries Inc. (FTK) reached a new 2011 high, up 54 cents to 10.55, while Apple Inc. (AAPL) rose 6.01 to 393.30 and Global Crossing Ltd. (GLBC) 1.34 to 38.46.

In addition, fractional gainers of note included Silicon Motion Technology Corp. (SIMO) up 89 cents to 11.50, OmniVision Technologies Inc. (OVTI) 74 cents to 33.30, Questcor Pharmaceuticals, Inc. (QCOR) 79 cents to 27.28, Nanometrics Incorporated (NANO) 71 cents to 19.14, and and Cardiovascular Systems Inc. (CSII) 59 cents to 16.10.

On the downside, there were very few losers today. VirnetX Holding Corp (VHC) was down 75 cents to 35.67, and InterDigital, Inc. (IDCC) gave back 1.31 to 72.96.

Stepping back and reviewing the hourly chart patterns, the indices were down early and sharply on the S&P 500, but snapped back as NDX strength pushed the indices higher today to new 2011 highs on the NDX, but far from it on the S&P 500.

There are some negative divergences here, so be careful next week.

Good Trading!


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- Harry Boxer

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