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Closing Technical Market Analysis for Thu March 29th 2012
The stock market indices had a topsy-turvy day today. The day started out with a drop at the opening, a little bit of a bounce, and then they stair-stepped their way lower into the mid-day session, where they hit their lows for the day. They retested and could not make lower lows. At that point, they rallied back slowly, forming consolidation patterns, which did not result to the downside, and started to rally by mid-afternoon into the close. Only in the last five minutes did the S&P 500 and Nasdaq 100 give a pullback, but the Dow managed to get back into the plus column.
Net on the day, the Dow was up 19.61 at 13,145.82, about 113 points off the low, the S&P 500 down 2.26 to 1403.28, 12 points off its low, and the Nasdaq 100 down 8.92 at 2762.05, 21 points off its low.
So much steeper losses were avoided with the late rally.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 7 to 5 negative on Nasdaq. Up/down volume was 4 to 3 negative on New York, with total volume of 780 million shares traded today. Nasdaq traded about 1.7 billion shares and had a 10 to 7 negative volume ratio.
TheTechTrader.com board, as a result, was mixed to fractionally lower, but there were still many point-plus gainers on our board today. Low-priced stocks did well today. iGo, Inc. (IGOI), on rumors of a deal with Apple Inc. (AAPL), jumped 42 cents to 1.05, or 67%, on 3.3 million shares traded. Deer Consumer Products, Inc. (DEER), a Chinese consumer products company, was up 1.41 to 4.59, or 44%, on 2.6 million shares. OptimumBank Holdings Inc. (OPHC) jumped 90 cents to 3.90, or 30%, on 1 million shares, and has more than tripled in the last week. Idera Pharmaceuticals, Inc. (IDRA) was up 36 cents to 1.89, or 23 1/2%, on 441,000. Red Hat, Inc. (RHT) ran up 10.04 to 61.43, or 19 1/2%, on 15.5 million shares. Agenus Inc. (AGEN) gained 80 cents to 6.76, or 13.4%, on 1.3 million shares.
Spanish Broadcasting System, In (SBSA) broke out late in the session, reaching 5.00, closing up 59 cents to 4.17, or 14%. VIVUS, Inc. (VVUS) was all over the place today, exploding up to 23.75, and running back down to 19.55, before closing at 21.28, up 91 cents, or 4.4%, on 30.4 million shares. Molycorp, Inc. (MCP) jumped 2.97 to 34.50, or 9.4%, on 9 million shares.
Movado Group, Inc. (MOV) advanced 2.16 to 24.43, Collective Brands, Inc. (PSS) 1.55 to 19.99, Threshold Pharmaceuticals, Inc. (THLD) 46 cents to 8.42, Rare Element Resources (REE) 44 cents to 6.57, TIBCO Software Inc. (TIBX) 1.44 to 32.45, Acme Packet, Inc. (APKT) 1.47 to 26.76, Radware Ltd. (RDWR) 1.96 to 37.37, Amylin Pharmaceuticals, Inc. (AMLN) 1.03 to 24.80, HB Fuller Co. (FUL) 1.26 to 32.92, Cigna Corp. (CI) 1.90 to 48.97, Shaw Group Inc. (SHAW) 1.19 to 32.03, Humana Inc. (HUM) 2.90 to 91.54, and Brightcove, Inc. (BCOV) 1.11 to 24.85.
On the downside, Apple Inc. (AAPL) lost 7.76 to 609.86, Netflix, Inc. (NFLX) was down 3.75 to 115.05, and Goldman Sachs (GS) dropped 2.60 to 123.76.
Those were three major losers on our board today along with the Direxion Daily Financial Bull 3X Shares (FAS), which was down 3.01 to 107.95.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, stabilized mid-day, and rallied back in the afternoon to close mixed on the session.
We’ll have to see how it goes tomorrow.
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