Closing Analysis

Mixed, Productive Day

Closing Technical Market Analysis for Mon January 28th 2013

The stock market indices had a very productive session, although it did not look like it at start of the day. Both the Nasdaq 100 and S&P 500 sold off sharply and tested support, and then bounced back in a 5-wave rally, with the S&P 500 making a new 5-year high, but the NDX did not. During the course of the rest of the session, the S&P 500 continued to press higher in a rising channel, but the NDX went sideways in a coiling-type pattern. The NDX did break out at the end of the day, getting up near resistance, only to rollover and sell off again, without being able to break through 2750 where resistance lies in the 2750-53 zone.

Net on the day, the Dow was up 72.49 at 13,954.42. The S&P 500 reached 1509.35, and closed at 1507.84, up 7.66. The Nasdaq 100 was up just 1.15 at 2743.58, 21 points off the low and 6 points off the high.

Advance-declines were 17 to 12 positive on the New York Stock Exchange, and 13 to 11 positive on Nasdaq. Up/down volume was just under 2 to 1 positive on New York, with total volume of just under 700 million shares. Nasdaq traded over 2 billion and had an 11 to 9 negative plurality. board, was mixed today. The culprit today was Priceline Inc. (PCLN), down 4.69 to 700.29. Green Mountain Coffee Roasters Inc. (GMCR) was down 1.98 to 43.28, First Solar, Inc. (FSLR) down 1.76 to 27.94, Facebook, Inc. (FB) 1.68 to 30.79, and Pharmacyclics Inc. (PCYC) 2.07 to 67.82.

Amazon Inc. (AMZN) got crushed, down 15.69 to 260.35, although it got as low as near 250.00, and in afterhours post-earnings report, it’s back up to 266 and running. Perhaps we’ll see some firmness tomorrow morning.

On the plus side, Google Inc. (GOOG) jumped 2.95 to 753.68, and Apple Inc. (AAPL) was up 8.44 to 458.27, and continuing its rally off the 435.37 support zone. Peabody Energy Corp. (BTU) gained 1.40 to 26.56, Goldman Sachs Group, Inc. (GS) up 2.95 to 147.10, and Repros Therapeutics Inc. (RPRX) 1.11 to 12.22.

Netflix Inc. (NFLX) jumped 7.01 to 169.12, after reaching down to 156.63, so that was a nice reversal.

Other gainers of note included large-percent gainers. Keryx Biopharmaceuticals Inc. (KERX) was up 2.30 to 8.36, or 38%, on 59 million shares. Sierra Wireless Inc. (SWIR) on a unit sale deal, jumped 1.69 to 10.85, or 18 1/2%, on 1.1 million shares. Mindspeed Technologies Inc. (MSPD) gained 62 cents to 4.93, or 14%, on 2.1 million shares.

Oil stocks were strong today. Valero Energy Corporation (VLO), which we sold today, was up 4.96 to 43.77, or 13%, on 25 million shares. YPF S.A. (YPF) gained 1.72 to 17.45, or 11%, on 2.6 million shares. Hess Corporation (HES) advanced 5.63 to 68.11, or 9%, on 24 million shares. HollyFrontier Corporation (HFC) closed up 2.55 to 50.50, on 4.2 million shares. Western Refining, Inc. (WNR) popped 1.86 to 32.13, on 2.8 million shares. Phillips 66 (PSX) jumped 2.79 to 59.88, on 8.4 million shares. Delek US Holdings, Inc. (DK) ran 2.74 to 34.41, or 9%, on 1 million shares

In addition, gold and silver stocks were firm today. First Majestic Silver Corp. (AG) was up 1.17 to 18.31. Peabody Energy Corp.

Mitek Systems Inc. (MITK) spiked up 22 cents to 3.52, and rounded out the gainers today.

Stepping back and reviewing the hourly chart patterns, the indices were down early, and then back up to resistance, they couldn’t get through, consolidated, broke through on the S&P 500, consolidated in a flag fashion, while the NDX was pulling back, but closed just a couple points off the session high at nearly 1508.

Let’s see how it goes on tomorrow.

Good Trading!


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