Closing Analysis

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Closing Technical Market Analysis for Mon June 6th 2011

The stock market indices started the week on a down note. They jumped lower immediately, backed and filled, and tried to rally by midday. When that was unsuccessful they rolled over hard, and then they bounced just before the last 45 minutes or so, only to rollover again in the last 15 minutes to close near the session lows.

Net on the day, the Dow was down 61.30 at 12,089.96, the S&P 500 down 13.99 at 1286.17, and the Nasdaq 100 down 17.83 at 2274.48.

Advance-declines were 4 to 1 negative on the New York Stock Exchange and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 12 to 1 negative on New York with total volume of a light 950 million. Nasdaq traded nearly 1.9 billion and had a 5 to 1 negative ratio. board was mostly lower, but there were several outstanding gainers. Leading the way in terms of percentage gains was Orsus Xelent Technologies Inc. (ORS) up 1.54 to 3.08, or 100%, on nearly 2 million shares. ADA-ES, Inc. (ADES) jumped 5.37 to 15.37, or 53.7%, and Akeena Solar, Inc. (WEST) 25 cents to 1.90, or 15%.

Among other gainers of note, Oxigene Inc. (OXGN) was up 32 cents to 4.59, Raptor Pharmaceuticals Corp. (RPTP) 41 cents to 5.96, and SodaStream International Ltd. (SODA) 99 cents to 57.38.

The ultra-short ETFs had a good day, with the Direxion Daily Financial Bear 3X Shares (FAZ) up 2.45 to 49.22, the Direxion Daily Small Cap Bear 3X Shares (TZA) 1,82 to 38.73, and the ProShares UltraShort DJ-UBS Crude Oil (SCO) 1.43 to 45.62.

On the downside there were many point-plus losers today. Leading the way, Apple Inc. (AAPL) fell 5.40 to 338.04, Molycorp, Inc. (MCP) 4.28 to 57.92, Sequans Communications S.A. Ame (SQNS) 2.12 to 14.83, Tesla Motors, Inc. (TSLA) 1.43 to 28.70, Onyx Pharmaceuticals Inc. (ONXX) 1.56 to 39.19, MAKO Surgical Corp. (MAKO) 2.25 to 30.81, Cree Inc. (CREE) 1.52 to 39.62, Cubist Pharmaceuticals Inc. (CBST) 1.04 to 36.09, Inc. (AMZN) 2.63 to 185.69, Brigham Exploration Co. (BEXP) 1.60 to 27.26, Amarin Corporation plc (AMRN) 1.35 to 17.18, and Golar LNG Ltd. (GLNG) 1.56 to 31.00.

Stepping back and reviewing the hourly chart patterns, the indices bounced around in the morning, tried to rally late morning but failed, rolled over in a 5-wave decline into about the last 45 minutes, when they tried to bounce once again but failed, and rolled over into the close.

A very negative way to start the week and new 2 1/2-month pullback lows for the indices.

We’ll see what happens tomorrow.

Good Trading!


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- Harry Boxer

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