Closing Analysis

Volatile, Mixed Session

Closing Technical Market Analysis for Sun January 13th 2013

The stock market indices had a volatile and mixed session to finish the day. Apple Inc. (AAPL) and Google Inc. (GOOG) were definitely the culprits today for Nasdaq 100 as AAPL dropped 18.55 to 501.75 and GOOG dropped 16.74 to 723.25,. But with Inc. (AMZN) up 4.79 to 272.73, Incorporated (PCLN) up 7.43 to 662.92, and Research In Motion Limited (RIMM) up 1.39 to 14.95, it was kind of a mixed session today.

The day started out with a gap down. They then dropped precipitously but bounced back early morning to retest. The S&P 500 did about a 50% retracement, about half of that on the Nasdaq 100. They then they went into coiling-consolidation action, which appeared to indicate lower levels to come. When they could not break support, they started to rally and spiked up in midafternoon, and then had a very sharp move up. They tested the declining topsline and lateral price resistance, but they rolled over hard again into the close, only to bounce back in the last 5 minutes.

Net on the day, the Dow was up 18.89 at 13,507.32. The S&P 500 was down 1.37 at 1470.68, 5 points of the low and just a few points off the high. The Nasdaq 100 dropped 12.56 at 2735.56, 11 points off the low and 8 points off the high.

Advance-declines were almost dead-even flat on the New York Stock Exchange, and about 100 issues lower on Nasdaq. Up/down volume was not even 3 to 2 negative on New York, with total volume of only 578 million shares. Nasdaq traded over 1.6 8 billion and had a 10 to 8 positive volume ratio. board was mixed as we already indicated, but mostly lower by AAPL and GOOG.

Other gainers of note include International Business Machines Corporation (IBM) down 1.83 to 192.62, Green Mountain Coffee Roasters Inc. (GMCR) down 1.89 to 39.34, Goldman Sachs Group, Inc. (GS) 1.00 to 136.13, Onyx Pharmaceuticals, Inc. (ONXX) 1.45 to 82.82, and Pharmacyclics Inc. (PCYC) 2.27 to 65.15.

ProShares UltraShort Silver (ZSL) was down 1.85 to 47.08. board was active today. Nothing was up more than 17%, but the Sangamo Biosciences Inc. (SGMO) was up 1.22 to 8.20, or 171/2%. Halozyme Therapeutics, Inc. (HALO) gained 54 cents to 3.85, or 16%, on 3 million shares. TravelCenters of America LLC (TA) advanced 59 cents to 5.59, or 12%.

Adept Technology Inc. (ADEP) was up 54 cents to 3.85, or 16%, after reaching as high as 4.31 today. Herbalife Ltd. (HLF) popped 4.06 to 44.08, on 14 million shares. Flowers Foods, Inc. (FLO) gained 2.39 to 27.22, or 10%, on 3.3 million shares. Xyratex Ltd. (XRTX) advanced 70 cents to 9.07, or 8%.

Dell Inc. (DELL), on rumors of an equity offer or going private, was up 1.41 to 12.29, or 13%, on 114 million shares. Sears Holdings Corporation (SHLD) rose after the chairman of the company bought shares, up 3.65 to 44.60, or 9%, on 2.6 million shares. Ixia (XXIA), which we traded, spiked to 19.50 earlier in the day, but closed up at 19.24, up 1.58, or 9%, on 2.8 million shares.

Verint Systems Inc. (VRNT), on an acquisition, jumped 2.33 to 33.83, and Incyte Corporation (INCY) gained 1.02 to 19.22.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply early, bounced back, consolidated midday, and then rallied in the afternoon, only to rollover in the last hour, and bounced in the last 5 minutes. It was a strange day, but with the overall consolidation of the last few sessions, the indices now are poised to make a more an important move shortly.

We’ll see which way it goes.

Good Trading!


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