Closing Analysis

Sloppy Day With Negative Technicals

Closing Technical Market Analysis for Wed November 14th 2012

The stock market indices suffered another down day, but managed to find some support.

The day started out with a couple rally attempts that failed at NDX 2542 and S&P 500 at 1360. They then rolled over in the morning, bounced back midday, and then rolled over to retest late in the session successfully, and then bounced back.

Net on the day, the Dow was down 28.57 at 12,542.38, 47 points off the low. The S&P 500 was down 2.16 at 1353.33, 5 points off its low. The Nasdaq 100 was down 7.51 at 2524.36, about 10 points off its low.

Advance-declines were worse than 2 to 1 negative on the New York Stock Exchange, and 3 to 2 negative on Nasdaq. Up/down volume was 4 to 3 negative on New York, with total volume of 750 million shares. Nasdaq traded just around 2 billion and had an 11 to 8 negative volume ratio. board was mixed. Leading the way to the downside today was Apple Inc. (AAPL), down 11.26 to 525.62, reaching 522.62 near the May lows. Google Inc. (GOOG) dropped 5.29 to 647.26. Inc. (AMZN) lost 2.35 to 220.60.

Other stocks of note on the downside included Affymax, Inc. (AFFY), down 1.50 to 21.32, AOL Inc. (AOL) down 1.29 to 35.07, Ellie Mae, Inc. (ELLI) 1.46 to 21.68, SodaStream International Ltd. (SODA) 1.06 to 34.08, and VirnetX Holding Corp (VHC) lost 1.54 to 30.43.

On the plus side, Netflix Inc. (NFLX) jumped 1.70 to 81.48, on continuing rumors of pending takeover. SGOCO Group, Ltd. (SGOC) gained 82 cents to 1.85, or 80%. Cleantech Solutions International, Inc. (CLNT) popped 1.13 to 3.85, or 42%, on 1 million shares. MeetMe, Inc. (MEET) advanced 91 cents to 3.15, or 41%.

The star of the day was Recon Technology, Ltd. (RCON), up 1.60 to 2.76, or 137%, on3.6 million shares.

So there were some strong percentage gainers today.

In addition, China Auto Logistic Inc. (CALI) was up 1.42 to 5.66, or 33%, on 4.3 million shares, but traded as high as 7.48 earlier. AcelRx Pharmaceuticals, Inc. (ACRX) gained 73 cents to 3.93, or 23%, on 2.1 million shares.

NetApp, Inc. (NTAP) was up 3.08 to 30.20, Supernus Pharmaceuticals, Inc. (SUPN) up 1.11 to 12.65, Nationstar Mortgage Holdings Inc. (NSM) 1.74 to 25.49, Canon Inc. (CAJ) 1.69 to 32.08, Lexmark International Inc. (LXK) 1.20 to 23.32, Forum Energy Technologies, Inc. (FET) 1.20 to 23.79, GameStop Corp. (GME) 1.02 to 24.50, and PetSmart, Inc. (PETM), 2.63 to 67.48, on earnings.

Stepping back and reviewing the hourly chart patterns, the indices popped up a little bit at the opening, came down sharply, and then ran right back up to those highs to test, but when they couldn’t get through, they rolled over to new multi-session lows under 2520, near 2515 on the NDX and at 1313.48 S&P 500. They bounced into midafternoon, but when they couldn’t take out the overhead declining topsline for the down channel in the last 3 sessions, they rolled over to retest the lows and bounced into the close.

It was a sloppy day with negative technical.

We’ll see how it goes on tomorrow.

Good Trading!


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