Closing Analysis

A Big Week for the Market...Let's See If We Get Follow-Through Next Week

Closing Technical Market Analysis for Fri April 27th 2012

The stock market indices closed with gains for the week, and a very positive week at that.

The day started out with a gap up, and then a quick pullback. That held support, and when that occurred, they then rallied, taking the Nasdaq 100 from 2723 to 2750. The S&P 500 jumped from 1397 to 1406 and change. They backed off in a 3-wave decline into the close, snapping back in the last 5 minutes.

Net of the day, the Dow was up 23.60 at 13,229.22, about 35 points off the high, the S&P 500 up 3.44 at 1403.42, 3 points off the high, and the Nasdaq 100 up 16.11 at 2741.34, only about 9 points off its high.

Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq as well. Up/down volume was a little better than 4 to 3 positive on New York, total volume 700 million. Nasdaq traded 1.7 billion, and had a 9 1/2 to 7 1/2 positive volume ratio. board was mixed at the close today. There were many point-plus gainers, but there were large gainers as well. On the plus side, the large percentage-gainers included Aware Inc. (AWRE) was up 2.41 to 6.15, or 64% after news that they are to sell patents to Intel for a large sum. China Nepstar Chain Drugstore Ltd. (NPD) up 73 cents to 3.21, or 29%, on 1 million shares.

Cray Inc. (CRAY), on strong earnings report, was up 2.48 to 11.38, or 27.8%, on 4 million shares. Expedia Inc. (EXPE) ran 7.68 to 40.31, or 23 1/2%, on 24 million shares as the hotel industry flourishes. Arena Pharmaceuticals, Inc. (ARNA) moved 47 cents higher to 2.62, or 22%, on 33 million shares. Abaxis Inc. (ABAX) advanced 6.22 to 36.04, or 21%. Jazz Pharmaceuticals plc (JAZZ) was up 6.52 to 51.72, or 14%, on 4.2 million shares. Inc. (AMZN) jumped an amazing 30.86 to 226.85, or 16%, on 22 million shares, on its positive earnings report.

In addition, Patrick Industries Inc. (PATK) up 1.56 to 13.00, or 13.6%, Ariba Inc. (ARBA) 3.99 to 39.35, or 11%, Warner Chilcott plc (WCRX), on merger rumors, 1.39 to 18.79, or 8%, Inphi Corporation (IPHI) 88 cents to 10.45, or 9%, TripAdvisor Inc. (TRIP) 2.49 to 35.87, Zillow, Inc. (Z) 2.39 to 35.13, and Universal Display Corp. (PANL) 3.67 to 45.16 rounded out the point-plus gainers on our board today.

Other gainers of note included International Business Machines Corp. (IBM), up 1.23 to 206.81. Questcor Pharmaceutical (QCOR) gained 1.25 to 44.70. SolarWinds, Inc. (SWI) was up 1.22 to 46.60.

The Direxion Daily Small Cap Bull 3X Shares (TNA) ultra-long ETF run up another 1.49 to 60.70.

On the downside, point-plus losers included Apple Inc. (AAPL) down 4.70 to 603.00, continuing its recent weakness. Coinstar Inc. (CSTR) lost 3.91 to 63.60. Netflix, Inc. (NFLX) down another 1.33 to 83.74. Nu Skin Enterprises Inc. (NUS) down 3.42 to 52.21.

Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, back off to test support, and then ran midday into early afternoon when they started a 3-wave, collective pullback, bouncing in the last 5 minutes to pad the gains to end the week.

It was a great week for our traders, and a big week for the market. Let’s see if we get some follow-through next week.

Good Trading!


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