Closing Analysis

Negative Day With Negative Technicals

Closing Technical Market Analysis for Thu April 19th 2012

The stock market indices suffered more losses today as yesterday’s consolidation was not fruit-bearing. The day started out with a move down, then backed and filled on some negative economic news, and then went to new highs on Nasdaq 100. But the S&P 500 could only get up to 1390, which was yesterday’s double top. They then rolled over very hard. The NDX dropped from 2735 down to 2677 over the next several hours, and the S&P 500 dropped from 1390 down to 1370. They did bounce back a little at the close, but still suffered two bad losses today.

Net of the day, the Dow was down 68.65 at 12,964.10, the S&P 500 closed down 8.22 cents at 1376.92, about 7 points off the low, and the Nasdaq 100 down 29.32 at 2686.82, about 10 points off the low.

Advance-declines were about 3 to 2 negative on the New York Stock Exchange, and were near 3 to 2 negative on Nasdaq as well. Up/down volume was a little better than 2 to 1 negative on New York with total volume about 800 million. Nasdaq traded 1.9 billion, and had a 12 to 7 negative volume ratio. board was mostly negative today, but, by far, Apple Inc. (AAPL) led the way lower today, down 20.90 to 587.44. That certainly didn’t help the market.

Nevertheless, there were still some outstanding winners on our board today, and many of those were multi-point gainers. Human Genome Sciences Inc. (HGSI) on a take-over acquisition offer today, exploded for nearly 100%. But they turned down the offer and stock still closed up 7.00 to 14.17, or 97.6%, on an amazing 126.5 million shares. Mellanox Technologies, Ltd. (MLNX), on positive drug news, was our big winner today. It opened at 55 and went to 67, and closed up 22.58 to 65.91, or 52%, on 5.2 million shares. That’s a monster move for that stock. Low-priced Good Times Restaurants Inc. (GTIM) was up 47 cents to 2.06, or 30%. Qihoo 360 Technology Co. Ltd. A (QIHU) gained 3.45 to 24.08, or 17%, on 8.2 million shares. Stratasys Inc. (SSYS) was up a whopping 7.02 to 50.68, or 16%, on 1.3 million shares.

Syntel, Inc. (SYNT) advanced 7.42 to 61.26, eBay Inc. (EBAY) up 4.75 to 40.62, Gilead Sciences Inc. (GILD) 5.64 to 52.25, Badger Meter Inc. (BMI) 3.87 to 37.78, Ultratech, Inc. (UTEK) 2.95 to 32.59, and F5 Networks, Inc. (FFIV) 9.77 to 133.98. These were some of the multiple-point gainers that did well on our board today.

On the downside, in addition to Apple, Achillion Pharmaceuticals, Inc. (ACHN) was the big loser today, down 1.20 to 8.30. Goldman Sachs (GS) lost 1.73 to 113.60.

Other than that, there were very few point-plus losers on our board today.

Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, bounced, pulled back and retested, bounced sharply, but that could not hold. From there, they came down very sharply in the afternoon to take out support, and spiked all the way down into late trading until the last hour or so. They did manage to move back up to pare some of the losses, but still it was a negative day on Wall Street with negative technicals.

Good Trading!


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- Harry Boxer

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