Closing Analysis

Decent Monday Session

Closing Technical Market Analysis for Sun December 9th 2012

The stock market indices started off the day with a little bit of a pullback, and then they tested support quickly and successfully. When that occurred, the indices rallied in a 3-wave move that took the S&P 500 slightly to resistance at the 1420 level, reaching 1421 3/4, and then consolidated for about an hour. The Nasdaq 100 ran up to 2661, or so, and then they both pulled back midday. At the end of the day they rallied back to close positive on the session, but barely on the S&P 500.

Net on the day, the Dow was up 14.83 at 13,169.66, about 26 points off the high and 30 points off the low. The S&P 500 was up .49 at 1418.56, 3 points off the high and 3 points off the low. The Nasdaq 100 was up 7.03 at 2647.57, 15 points off the high and 15 points off the low, so mid-range as well.

Advance-declines were better by 300 issues on the New York Stock Exchange, and better by 350 issues on Nasdaq. Up/down volume was slightly positive on New York, with total volume of 560 million shares. Nasdaq traded over 1.5 billion and had a 2 to 1 positive volume ratio. board was active and a lot of stocks were up dramatically, but pulling on the Nasdaq 100 today was Apple Inc. (AAPL), down 3.43 to 529.82. Amazon Inc. (AMZN) was down 5.50 to 247.77, closing near the low. Google Inc. (GOOG) was up early, came back down, and managed to hold onto a 1.21 gain to 685.42.

Molycorp, Inc. (MCP) was the star today, up 1.76 to 10.70, and Pharmacyclics Inc. (PCYC) was up 2.78 to 58.80.

The key today was some of the low-priced biotech stocks and coal stocks. Acura Pharmaceuticals Inc. (ACUR) exploded 1.02 to 2.45, or 71%, on 2.9, million shares, a 3,370% increase in volume. Uni-Pixel, Inc. (UNXL), another star of the day, gained 5.32 to 15.07, or 54%, on 3.2 million shares, a 5,000% increase in volume. CombiMatrix Corporation (CBMX) had a great follow-through day, going from 1.75 to 10.35, or 20%, and went as high as 14.14, on 2.9 million shares, an increase of 18,500% increase in volume.

In addition, low-priced Celldex Therapeutics, Inc. (CLDX) jumped 1.41 to 6.93, or 25 1/2%, on 9.8 million shares. Infinity Pharmaceuticals, Inc. (INFI) popped 4.83 to 27.35, or 21%, on 3.9 million shares. Ruckus Wireless, Inc. (RKUS) closed up 1.36 to 18.96, or 8%, on 1 million shares.

Coal stocks were firm, with Alpha Natural Resources, Inc. (ANR) up 81 cents to 9.10, Walter Energy, Inc. (WLT) up 2.13 to 36.34, and several others in that group as well.

In addition, ABIOMED, Inc. (ABMD) was up 95 cents to 13.44, Orexigen Therapeutics, Inc. (OREX) up 43 cents to 5.28, low-priced MER Telemanagement Solutions Ltd. (MTSL) 32 cents to 3.66, and Concur Technologies, Inc. (CNQR) 3.91 to 65.73.

On the downside, point-plus losers included The Home Depot, Inc. (HD) down 1.41 to 63.04, and Netflix Inc. (NFLX) down 1.18 to 84.80.

Stepping back and reviewing the hourly chart patterns, a 3-wave rally early on took the indices to new rally highs on the S&P 500, but not even close on the NDX. That divergence brought them back down in the afternoon, only to bounce late in the session, and then pulled back into the close to pare back the late gains.

It was a decent Monday session. We’ll see how it goes on tomorrow.

Good Trading!


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