Closing Analysis

Another Big Day with Strong Gains and Positive Technicals

Closing Technical Market Analysis for Thu April 26th 2012

It was another big day on Wall Street as the stock market indices ended with strong gains and positive technicals.

The day started out with a move to the upside, and then had a sloppy kind of pullback consolidation on the NDX, and a sideways move on the S&P 500. When they refused to confirm the new morning pullback lows on the Nasdaq 100, which held at 2705, they started to rally, and rallied sharply, particularly in the afternoon when the NDX ran from 2703 to 2731-2 zone. The S&P 500 jumped from 1390 to 1402. In the last hour, a pullback pulled them back a little from the highs, but they still closed with very positive gains on the session.

Net of the day, the Dow was up 113.98 at 13,204.70, about 23 points off the high, the S&P 500 up 9.32 at 14.00 even, 2 points off the high, and the Nasdaq 100 up 15.61 at 2725.23, about 6 points off its high.

Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and better than 3 to 2 positive on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, with total volume 750 million. Nasdaq traded 1.7 billion, and had a 2 1/2 to 1 positive volume ratio. board was mostly higher. SolarWinds, Inc. (SWI), one of our top 20 picks for this year, was up 7.56 to 45.38, or 20%, on 4.1 million shares after earnings, reaching new all-time highs today at 46.38.

Other gainers of note included low-priced Houston American Energy Corp. (HUSA) was up 63 cents to 2.43, or 35%, on 3.28 million shares. Patrick Industries Inc. (PATK) jumped 2.50 to 11.44, or 28%. Marinemax Inc. (HZO) advanced 2.16 to 11.06, or 24%. Recon Technology, Ltd. (RCON) gained 46 cents to 2.61, or 21%, on 1.7 million shares. Logitech International SA (LOGI), which we traded today, was up 1.67 to 9.46, or 21%, on 6.9 million shares.

Cirrus Logic Inc. (CRUS) was a big gainer today, up 4.31 to 27.40, or 19%, on 15 million shares traded. Amarin Corporation (AMRN), one of our favorites, shot up 1.72 to 11.70, or 17%, on 11.2 million shares. Brinks Co. (BCO) gained 3.61 to 25.61, or 16%, on 1.4 million shares. Inergy, L.P. (NRGY) was up 2.67 to 19.51, or 16%, on 7.6 million shares. Skechers USA Inc. (SKX) ran up 2.05 to 16.97, or 14%, on 3.7 million shares.

In addition, Netgear Inc. (NTGR) up 4.60 to 38.49, Incyte Corporation (INCY) 2.53 to 21.93, Citrix Systems, Inc. (CTXS) 9.59 to 86.76, Heartware International Inc. (HTWR) 8.25 to 77.52, Chart Industries Inc. (GTLS) 7.31 to 76.36, Parametric Technology Corporation (PMTC) 2.06 to 22.29, Lumber Liquidators (LL) 2.45 to 27.48, NetScout Systems, Inc. (NTCT) 1.87 to 20.48, Caesars Entertainment Corporation (CZR) 1.22 to 13.69, Liz Claiborne Inc. (LIZ) 1.20 to 13.88, Nuance Communications, Inc. (NUAN) 2.11 to 24.91, and DuPont Fabros Technology, Inc. (DFT) 1.91 to 26.60.

International Business Machines Corp. (IBM) jumped 2.01 to 205.58. Jarden Corp. (JAH) was up 2.02 to 42.42. Questcor Pharmaceutical (QCOR) gained 2.97 to 43.45. SodaStream International Ltd. (SODA) advanced 1.45 to 35.33. Inc. (STMP) ran up 1.07 to 29.37. Coinstar Inc. (CSTR) was up 2.15 to 67.51.

The Direxion Daily Financial Bull 3X Shares (FAS) ultra-long ETF was up 2.69 to 105.09, and the Direxion Daily Small Cap Bull 3X Shares (TNA) gained 1.51 to 59.21.

On the downside, Apple Inc. (AAPL) surprisingly did not participate, down 2.30 to 607.70. Nu Skin Enterprises Inc. (NUS) was down on negative earnings, 4.27 to 55.63. Netflix, Inc. (NFLX) also lost 1.28 to 85.07.

Stepping back and reviewing the hourly chart patterns, the indices were up early, they pulled back late morning to consolidate, and then took off in the afternoon to new snapback-rally highs that took out some resistance on the indices.

We’ll see if we get some follow-through tomorrow, but today was an excellent day on Wall Street.

Good Trading!


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