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Closing Technical Market Analysis for Mon April 30th 2012
The stock market started the week off on a weak note as the indices opened lower, fueled by Apple Inc. (AAPL) gapping down more than 19 points today. That did not help the indices, especially Nasdaq 100.
Net of the day, the Dow was down 14.68 at 13,213.63, about 37 points off the low, the S&P 500 closed under 14000, down 5.45 at 1397.91 about 12 points off the low, and the Nasdaq 100 dropped 17.66 at 2723.68, just 3 points off the low.
Some of the blue chips did better than the NDX today.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 2 1/2 to 1 negative on Nasdaq. Up/down volume was about 2 to 1 negative on New York, total volume 825 million. Nasdaq traded just under 1.6 billion, and had a 3 to 2 negative volume ratio.
While TheTechTrader.com board was mostly lower, there were some outstanding gainers. Low-priced Exceed Company Ltd. (EDS) jumped 1.59 to 3.68, or 76%, on 1.3 million shares, which was 10,000% increase in volume on this stock. Barnes & Noble, Inc. was up 7.07 to 20.75, although it traded as high as 26.00 today, or 52%, on 29.5 million shares traded on news of a deal with Microsoft Corporation (MSFT). Conceptus, Inc. (CPTS) up 3.59 to 18.77, or 23 1/2%, on 3.6 million shares, Demand Media, Inc. (DMD) 1.06 to 8.31, or 15%, on 2.8 million shares, Cleantech Solutions International, Inc. (CLNT) 77 cents to 5.31, or 17%, on 1.3 million shares, and Emmis Communications Corp. (EMMS) 19 cents to 1.23, or 18%.
Warner Chilcott (WCRX) ran 3.02 to 21.81, or 16%, on 21 million shares. TGC Industries Inc. (TGE) gained 1.40 to 11.41, or 14%. Digital Domain Media Group, Inc. (DDMG) was up 1.03 to 8.50, or 13 1/2%. YRC Worldwide Inc. (YRCW) advanced 77 cents to 7.28, or 12%, on 1 million shares. Vringo, Inc. (VRNG) snapped back 26 cents to 3.51, or 8%, on 1.8 million shares.
Tesco Corporation (TESO), which we traded, was up 1.00 to 16.32. Wolverine World Wide Inc. (WWW) jumped 2.60 to 41.96. ZAGG Inc. (ZAGG) gained another 74 cents to 13.03. Expedia Inc. (EXPE) ran 2.34 to 42.65. Francesca’s Holdings Corporation (FRAN) was up 1.60 to 31.35. Harman International Industries Inc. (HAR) advanced 2.32 to 49.58.
In addition, Yelp, Inc. (YELP) was up 1.03 to 22.93, Cerner Corporation (CERN) 3.60 to 81.11, Seagate Technology PLC (STX) 1.43 to 30.76, Energy Transfer Equity (ETE) 1.88 to 41.96, and Youku Inc. (YOKU) 99 cents to 24.95.
On the downside, Apple Inc. (AAPL) was down 19.02 to 583.98. Netflix, Inc. (NFLX) dropped another 3.60 to 80.14, and is looking very weak. Stamps.com Inc. (STMP) lost 1.21 to 29.03.
The Direxion Daily Small Cap Bull 3X Shares (TNA) ultra-long was down 2.04 to 58.72, and the Direxion Daily Financial Bull 3X Shares (FAS) down 1.91 to 103.36.
Stepping back and reviewing the hourly chart patterns, the indices came down early and sharply, bounced around for several hours, weakening in the afternoon to make nominal new lows. They snapped back in the last hour, especially on the S&P 500 to come well off the lows. Still, the overall pattern appears to be a pullback off key resistance, and so far, intermediate-term support on the S&P 500 around the 1390-2 zone has held.
Let’s see how it goes tomorrow.
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