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Closing Technical Market Analysis for Tue June 19th 2012
The stock market indices had a very strong morning with breakaway gaps on strong run-ups until late morning when they backed off. But they came on again strongly into the early afternoon, and reached their session highs in overbought territory close to key resistance on the S&P 500, near 1355 and on the Nasdaq 100 near 2630. At that point, we warned our subscribers that they should see an afternoon sell-off, and we did get that. The NDX went from 2631 to 2618, and the S&P 500 dropped 1363 1/2 to 1357. They bounced, and backed off to retest the afternoon lows there.
Net of the day, the Dow was up 95.51 at 12,837.33, about 60 points off its high, the S&P 500 was up 13.20 at 1357.97, only 6 points off its high, and the Nasdaq 100 up 28.31 at 2620.83, 10 points off the high.
Advance-declines were very strong, better than 5 to 1 positive on New York, and 3 to 1 positive on Nasdaq. Up/down volume was nearly 5 to 1 positive on New York, total volume 767 million shares. Nasdaq traded 1.8 billion, and had a 7 to 1 positive volume ratio.
It was a very good day technically, despite the afternoon sell-off and profit-taking. They closed with solid gains for the day, although we may have seen a short-term peak in here. It could actually technically use a couple days of pullback and consolidation.
TheTechTrader.com board was very strong today. Google Inc. (GOOG) led the way today, up 10.68 to 581.53, only 3 points off its high. Apple Inc. (AAPL) was up just 1.63 to 587.41, 3 points off its high and 4 points off its low.
Other gainers of note included Goldman Sachs (GS), up 2.74 to 96.37. Netflix, Inc. (NFLX) jumped 3.10 to 69.83. Amazon.com Inc. (AMZN) was up just 1.37 to 224.03.
In addition, some of the percentage gainers on our board today were Citi Trends (CTRN) gained 1.90 to 15.64, or 14%. Galena Biopharma, Inc. (GALE) advanced 29 cents to 1.58, or 22%, on 8 million shares. Clean Energy Fuels Corp. (CLNE) popped 1.43 to 15.20, or 10 1/2%, on 3 million shares. Bon-Ton Stores Inc. (BONT) ran 55 cents to 5.91, or 10%. Mitek Systems Inc. (MITK) gained 32 cents to 3.67, or 10%, on 1.7 million shares. Vringo, Inc. (VRNG) gained another 34 cents to 4.36, or 9%, on 8.4 million shares, although it closed a point off the high today.
Qihoo 360 Technology Co. Ltd (QIHU) jumped 1.44 to 19.64. Westport Innovations Inc. (WPRT) gained 2.36 to 32.28. Overseas Shipholding Group Inc. (OSG) advanced 78 cents to 10.58. Louisiana-Pacific Corp. (LPX) ran 69 cents to 10.70. Flotek Industries Inc. (FTK) snapped back 62 cents to 9.84. Integra LifeSciences (IART) popped 2.22 to 36.28. Chesapeake Energy Corporation (CHK) snapped back 1.04 to 18.71. Stamps.com Inc. (STMP) snapped back 1.28 to 23.64. Brunswick Corporation (BC) gained 1.13 to 21.65. Sears Holdings Corporation (SHLD) advanced 2.78 to 54.44. Vitamin Shoppe, Inc. (VSI) jumped 2.64 to 53.83.
The Direxion Daily Small Cap Bull 3X Shares (TNA) jumped 2.61 to 51.63, and the Direxion Daily Financial Bull 3X Shares (FAS) snapped back 3.61a to 86.64.
Bio-Reference Laboratories Inc. (BRLI) jumped 1.19 to 25.58. Titan Machinery, Inc. (TITN) gained 1.29 to 27.90. Lumber Liquidators (LL) advanced 1.48 to 33.10. Zumiez, Inc. (ZUMZ) ran 1.79 to 41.16. NetEase, Inc (NTES).
Polypore International Inc. (PPO) was up 1.65 to 38.94, Align Technology Inc. (ALGN) up 1.48 to 34.73, Trimble Navigation (TRMB) 2.10 to 49.59, and Michael Kors Holdings (KORS) 1.70 to 41.11 rounded out the winners today.
On the downside, Direxion Daily Financial Bear 3X Shares (FAZ) lost 1.11 to 23.69, and the Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.06 to 19.34.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, extended to early afternoon, and backed off in the afternoon to back and fill, but held support, and closed with solid gains with good technicals on the day.
Let’s see what happens tomorrow.
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