Closing Analysis

Indices Pare Gains, but Still Close Ahead RSS

Closing Technical Market Analysis for Fri March 27th 2015

The stock market indices had a very unusual day today, first the volatility in the morning, and then an extremely narrow movement sideways in tight boxes for about three hours. In the last half hours Intel rumors hit the market with news about an acquisition of Altera, and then the entire semiconductor group exploded. The S&P 500 bounced, but the Nasdaq 100 made a new session high at 43.43, and then reversed sharply in the last 5 minutes. Fortunately, the S&P 500 did not confirm, reaching new session highs at 2062.83, but was unable to break through, and backed off a couple points into the close.

Net on the day, the Dow was up 34.43 at 17,712.66. The S&P 500 was up 4.87 at 2061.02. The Nasdaq 100 was up 17.60 at 4332.86.

Advance-declines were about 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq as well. Up/down volume was 15 to 13 negative on New York, with total volume of 2.8 billion shares. Nasdaq traded close to 1.6 billion shares, and had a 2 to 1 positive volume ratio. board was fractionally higher. The only large-cap point-plus gainer was Inc. (AMZN), up 3.21 to 370.56.

The only other gainers were NewLink Genetics Corporation (NLNK), one of our favorite swing trades, up 3.33 to 52.26, and NXP Semiconductors NV (NXPI) up 2.42 to 99.92.

On the downside, Incorporated (PCLN) was down 5.17 to 1135.19, Google Inc. (GOOG) down 6.83 to 548.34, Apple Inc. (AAPL) down 1.00 to 123.24, and Netflix, Inc. (NFLX) 3.49 to 414.77.

Tesla Motors, Inc. (TSLA) fell 5.40 to 185.00.

Checking the percent-gain leaderboard, low-priced Great Basin Scientific, Inc. (GBSN) spiked straight up to 3.36 on earnings, pulled back, and closed up at 2.73, up 78 cents, or 40%, on 2.7 million shares, 700% more volume than average. Novogen Limited (NVGN) thrust 78 cents to 4.55, or 21%, on 2.6 million shares. Conatus Pharmaceuticals Inc. (CNAT) climbed 99 cents to 7.75, or 15%, on 3.3 million shares.

Oxford Industries Inc. (OXM) gained 11.29 to 70.80, or 19%, on 1 million shares. Olin Corp. (OLN) ran 3.81 to 31.00, or 14%, on 8.3 million shares. Globant S.A. (GLOB) climbed 2.57 to 21.07, or 14%, on 2.5 million shares.

BioMarin Pharmaceutical Inc. (BMRN) was the big gainer today, jumping 13.23 to 128.78, or 11 1/2%, on 6.3 million shares.

The ProShares UltraShort DJ-UBS Crude Oil (SCO), which we traded successfully today, advanced another 8.78 to 84.00, or 12%, on 2.3 million shares.

Among other gainers, Intrexon Corporation (XON) was up 3.63 to 43.00.

Cara Therapeutics Inc. (CARA) bounced 83 cents to 10.13.

Stepping back and reviewing the hourly chart patterns, after sharp, volatile movements early on, the indices settled into a quiet, coiling-type action. At the end of the day, they popped on Intel news, and then sold off in the last 5 minutes to pare back the gains. Still, net-net, it was a positive day for the indices.

Have a nice weekend.


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