The stock market had another turnaround Tuesday late in the afternoon. The day began with another sharp rally, but the S&P 500 could not confirm the new Nasdaq 100 highs, failing four times today just short of 1220. At the end of the day in the last hour to hour and a half, they rolled over hard, dropping from 1220 down to 1202, closing near the session lows on the S&P 500.
Net on the day, the Dow was up just 7.65 at 11,408.66, 142 points off its high. The S&P 500 was down 2.00 at 1202.09, 18 points off its high. The Nasdaq 100 was down 12.87 at 2295.89, 42 points off its high. A lot of Nasdaq 100 stocks rolled over hard in the last hour.
Perhaps today represented a top. In any case, we were not surprised with today's action, as we noticed negative divergences on the S&P 500 as it lacked follow-through to confirm the NDX.
TheTechTrader.com board was mixed. Standouts on our board today included Transcept Pharmaceuticals, Inc. (TSPT), which we highlighted earlier, up 1.38 to 7.01, or 24 1/2%, on 3.3 million shares. Atrinsic, Inc. (ATRN) rose 89 cents to 3.14, or 40%, on 1.7 million shares, and Kona Grill Inc. (KONA) was up 1.20 to 6.46, or 23%, on 919,000 shares. Gulf Resources, Inc. (GURE) gained 36 cents to 2.95, 14%, on 2.6 million shares.
In addition, Jazz Pharmaceuticals, Inc. (JAZZ) jumped 3.06 to 46.80, up 7% on news of a merger, and Golar LNG Ltd. (GLNG) was up 1.79 to 35.53.
Also, Apple Inc. (AAPL) was up 1.82 to 413.45, but closed 9 points off its high, and International Business Machines Corp. (IBM) gained 1.59 to 174.72.
On the downside, there were quite a few losers. Netflix, Inc. (NFLX), which got slammed really hard again, was down 13.72 to 130.03. That’s down from 300 just six or seven weeks ago. Travelzoo Inc. (TZOO) dropped 4.34 to 28.20, Molycorp, Inc. (MCP) got hammered for 11.56 to 41.45, InterDigital, Inc. (IDCC) fell 3.74 to 59.40, and First Solar, Inc. (FSLR), one of our Boxer Shorts, was down 4.70 to 79.21.
For the most part our board was very red today, quite negative! It’s sure looks like a turnaround day for the markets, but we’ll see.