Closing Analysis

Good Day for Wall Street Despite AAPL

Closing Technical Market Analysis for Thu January 24th 2013

The stock market indices had a very interesting day. The afternoon rally they experienced after the morning’s dip created a positive day, despite AAPL dropping another 10.62 today.

The day started out with a pop to the upside. They challenged yesterday’s 5-year high on the S&P 500, and then they pulled back sharply with a 50% retrace from yesterday’s rally low. The Nasdaq 100 actually tripled, testing the 2727 area. When that was successful, it created an afternoon rally, which took the NDX back to the high, but couldn’t get through to confirm the nominal new high on the S&P 500. They then rolled over in the last hour, but in an orderly fashion, only to snap back in the last 10 minutes on the S&P 500 to close at 1502.96, a new closing, 5-year high. The Nasdaq continues to trail, particularly the Nasdaq 100, as Apple remains under pressure, despite the midday rally that saw a snapback from 437 to 447. It stopped, and rolled over, particularly in the last 2 minutes when it got crushed on a couple million shares from 443 down to 435, only to bounce near 440 at the close, closing at 438.88, down 10.62. p>Net on the day, the Dow was up 70.65 at 13,895.98, at the high for the day. The S&P 500 was up 8.14 at 1502.96, about 30 cents off its high. The Nasdaq 100 was up 13.20 at 2736.73, 9 points off its high, but nevertheless, a decent gain with Apple’s loss.

Advance-declines were better than 3 to 2 positive on the New York Stock Exchange, and 13 to 11 positive on Nasdaq. Up/down volume was 3 to 1 positive on New York, with total volume of 675 million shares. Nasdaq traded nearly 1.8 billion and had a 2 to 1 positive volume ratio, with advancing volume over declining positive. board had some big gainers today. Netflix Inc. (NFLX) was up 22.70 to 169.56, Priceline Incorporated (PCLN) up 39.27 to 718.82, and Amazon Inc. (AMZN) 10.37 to 283.99,

Green Mountain Coffee Roasters Inc. (GMCR), one of our swing trades, which we traded today, was up 2.53 to 46.31. Pharmacyclics Inc. (PCYC) rose 2.33 to 71.50, SodaStream International Ltd. (SODA) 1.48 to 53.23, Sarepta Therapeutics, Inc. (SRPT) 3.52 to 27.91, and Uni-Pixel, Inc. (UNXL) 70 cents to 14.67, reaching as high as 14.90 at one point.

There were a lot of big percentage gainers on our board today. Leading the way, Oshkosh Corporation (OSK) was up 6.50 to 41.08, or 18.8%, on 5.1 million shares. Cimatron Ltd. (CIMT) jumped 1.25 to 7.78, or 19%, on 784,826 shares, a 1300% increase in volume. OCZ Technology Group, Inc. (OCZ) gained 37 cents to 2.39, or 18%, on 10 million shares. Electronics for Imaging, Inc. (EFII) advanced 2.69 to 22.61, or 13 1/2%, on 2 million shares. Molycorp, Inc. (MCP) exploded 94 cents to 8.01, or 13%, on 51 million shares.

Terex Corp. (TEX) was up 3.62 to 32.05, Chuy's Holdings, Inc. (CHUY) up 3.15 to 28.38, Synaptics Inc. (SYNA) 3.88 to 36.43, Coherent Inc. (COHR) up 5.46 to 56.78, Cirrus Logic Inc. (CRUS) 2.71 to 29.42, Informatica Corporation (INFA) 3.26 to 36.50, and KLA-Tencor Corporation (KLAC) 4.37 to 56.34.

Swing trade Silicon Graphics International Corp. (SGI) was up 1.00 to 12.98, Deckers Outdoor Corp. (DECK) up 2.92 to 41.83, Coinstar, Inc. (CSTR) 3.35 to 52.06, Tempur-Pedic International Inc. (TPX) 2.44 to 40.79 after earnings, ResMed Inc. (RMD) 2.84 to 48.31, and Lam Research Corporation (LRCX) 2.32 to 41.84.

On the downside, Conns Inc. (CONN) dropped 1.12 to 27.74. And silver continued lower, with the VelocityShares 3x Long Silver ETN (USLV) falling another 1.30 to 27.96.

Stepping back and reviewing the hourly chart patterns, the indices opened strong, pulled back, consolidated midday, and then ran back in the afternoon to new highs on the S&P 500, pulled back just before the close, and then snapped back in the last 5 minutes to with the S&P 500 especially strong in the last 7 or 8 minutes.

We’ll see how it goes next week.

Have a Nice Weekend

Good Trading!


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- Harry Boxer

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