Closing Analysis

Positive Close to Week

Closing Technical Market Analysis for Thu March 8th 2012

The stock market indices had another up day, and closed out the week with gains across the board and good technicals. The day started out with a little pop to the upside. They pulled back quickly, and then rallied to new morning highs and new session highs on the S&P 500 in the first 90 minutes, reaching just under 1375. The Nasdaq 100, at that point, got to 2650. They went sideways and consolidated, th the NDX making slightly higher highs twice, ultimately reaching as high as 2652. At that point, they pulled back sharply, held support, and bounced around into the close.

Net on the day, the Dow was up 14.08 at 12,922.02, the S&P 500 up 4.96 to 1370.87, just 4 points off its high, and the Nasdaq 100 up 9.67 at 2646.85, about 5 points off its high.

Advance-declines were about 3 to 1 positive on the New York Stock Exchange, and just over 2 to 1 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York, with total volume of 681 million shares traded today. Nasdaq traded about 1.5 billion shares and had a 11 to 4 positive volume ratio. board was mixed, but there were plenty of gainers today. Leading the way, Coffee Holding Co., Inc. (JVA), which we traded, was up 2.75 to 10.60, or 35%, on 4.3 million shares. That was a 1100% increase in volume. Biostar Pharmaceuticals, Inc. (BSPM) jumped 26 cents to 1.05, or 33.33%, on 2.8 million shares, a 6000% increase in volume. Smith & Wesson Holding Corporation (SWHC) gained 1.29 to 6.95, or 23%, on 9.1 million shares, an 1800% in volume. 3SBio Inc. (SSRX) jumped 2.19 to 14.19, or 18%. GSE Systems, Inc. (GVP) was up 41 cents to 2.24, or 22.4%. Rare Element Resources (REE) was among the rare earth group that was one of the stronger gainers today, up 1.04 to 6.15, or 20%, on 5 million shares. Molycorp, Inc. (MCP) was up 4.91 to 30.89, or 19%, or 17 million shares.

Other gainers of note included Homeowners Choice, Inc. (HCII) up 1.85 to 13.00, LCA-Vision Inc. (LCAV) 84 cents to 7.65, Obagi Medical Products, Inc. (OMPI) 1.11 to 13.00 even, Solazyme, Inc. (SZYM) 75 cents to 12.93, ANN INC. (ANN) 1.60 to 27.41, Zumiez Inc. (ZUMZ) 2.01 to 34.33, magicJack VocalTec Ltd (CALL) 1.72 to 24.00 even, Georgia Gulf Corp (GGC) 1.54 to 32.45, Swing trade Jarden Corp (JAH) 1.69 to 39.59, Sourcefire, Inc. (FIRE) 2.35 to 48.30, and Tesla Motors, Inc. (TSLA) 1.67 to 34.74.

Apple Inc. (AAPL) was up 3.18 to 545.17, hitting a new high at 547.74.

On the downside, there were no point-plus losers other than Questcor Pharmaceuticals, Inc. (QCOR), down 2.25 to 35.84, and the biggest loser, by far, Green Mountain Coffee Roasters Inc. (GMCR), down 9.81 to 52.59, or 15.7%, on 23 million shares on news out of Starbucks Corporation (SBUX) on competitive products.

Stepping back and reviewing the chart patterns, the indices were up early, flattened out midday, and then rolled over at the end of the day only to snapback late in the day to salvage some of the gains and close the week on a positive note.

Let’s see how it goes next week.

Good Trading!


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- Harry Boxer

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