Closing Analysis

Indices Close Lower but Substantially Off Lows

Closing Technical Market Analysis for Mon December 3rd 2012

The stock market indices ended down on the day, substantially off the morning lows. They were actually in the plus column with an hour to go, but failed and faded in the last hour.

Net on the day, the Dow was down 13.90 at 12,951.71, 13 points off the low and 70 points off the high. The S&P 500 was down 2.42 at 1407.04, 4 points off the low and about 6 off high. The Nasdaq 100 was down 3.95 at 2667.89, 15 points off the low and 7 off the high.

Advance-declines were slightly negative by 100 issues on the New York Stock Exchange, and 125 issues on Nasdaq. Up/down volume was slightly negative on New York, and slightly negative on Nasdaq as well. was mixed, but we had quite a few winners today. Netflix Inc. (NFLX) announced a deal with Disney and exploded, going from 74.50 to 88.00, and closing up 10.65 to 86.65, or 14%, on 14 million shares. Green Mountain Coffee Roasters Inc. (GMCR) had an excellent day as well, exploding from 37.46 to 41.25, and closing up 2.97 to 40.78, or 8%, on 9.6 million shares.

Amazon Inc. (AMZN) was up 2.16 to 252.49, but Apple Inc. (AAPL) was the thorn in the side today, down 10.34 to 575.85, and Google Inc. (GOOG) lost 422 to 691.03. Goldman Sachs Group, Inc. (GS) was down 1.82 to 116.58, and Pharmacyclics Inc. (PCYC) gave back 1.38 to 54.55.

First Solar, Inc. (FSLR) jumped 2.11 to 29.61, just 11 cents off the high.

There were a lot of other gainers on our board today. Low-priced Sino-Global Shipping America, Ltd. (SINO) was up 33 cents to 1.89, or 21%, and got as high as 2.49. Biostar Pharmaceuticals, Inc. (BSPM) gained 20 cents to 1.18, or 20%. Inphi Corporation (IPHI) advanced 98 cents to 9.29, or 12%.

Big Lots Inc. (BIG) was up 3.23 to 31.27, or 11.5%, on 10 million shares. HomeAway, Inc. (AWAY) popped 1.24 to 21.36. Francesca's Holdings Corporation (FRAN) jumped 1.51 to 26.81. Select Comfort Corporation (SCSS) ran up 1.38 to 27.67. Noble Corp. (NE) gained 1.34 to 35.59.

In addition, DSW Inc. (DSW) was up 2.73 to 70.52, and Badger Meter Inc. (BMI) up 1.63 to 45.85. The ProShares UltraShort Silver (ZSL), which we traded today, was up 1.60 to 42.92.

On the downside, Onyx Pharmaceuticals, Inc. (ONXX) was down 1.12 to 74.50. Direxion Daily Financial Bull 3X Shares (FAS) lost 1.05 to 105.38

Stepping back and reviewing the hourly chart patterns, the indices were down sharply by late morning. They rallied back and pulled back to retest, and made lower lows on the S&P 500 but not on the NDX. That contributed to an afternoon 3-wave rally that failed, and they rolled over into the close.

It was not too bad of a day, and many of our stocks were up today. Let’s see what happens tomorrow.

Good Trading!


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