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Closing Technical Market Analysis for Wed November 7th 2012
The stock market indices got creamed today following the elections last night. They had big gaps down at the opening, and very, very sharp sell-offs into late morning when they reached their session lows just above 2600 on the NDX and near 1388 on the S&P 500. That breakdown, below 1403 S&P 500, was a key break that could lead to much lower levels . We are very concerned. They did rally back in stair-step fashion in a 5-wave rally that took the NDX from 2602 to 2629. The S&P 500 at that point had rallied from the morning lows at around 1388 to 1403 roughly. In the last half hour they rolled over hard into the close and closed with massive losses.
Net on the day, the Dow was down 312.95 at 12,932.73, about 50 points off the low. The S&P 500 was down 33.86 at 1394.53, a definitive breakdown today. That was about 6 points off its low. The Nasdaq 100 was down 68.36 to 2612.69, a 2 1/2-3% loss today, and about 10 points off its low.
Advance-declines were nearly 5 to 1 negative on the New York Stock Exchange, and nearly 6 to 1 negative on Nasdaq. Up/down volume was 11 to 1 negative on New York, with total volume of 870 million shares. Nasdaq traded over 2 billion and had an 8 to 1 negative volume ratio.
It was a very, very negative day today.
TheTechTrader.com board was very negative across the board. Apple Inc. (AAPL), for instance, was down 22.20 to 558.00, only a couple points off the low, and Google Inc. (GOOG) dropped 14.60 to 667.12. Amazon (AMZN) lost 5.50 to 232.06.
Peabody Energy Corp. (BTU), in a very negative coal sector, gave back 2.80 to 26.24, as President Obama is in favor of the development of alternatives to fossil fuels. AOL Inc. (AOL) dropped back 3.63 to 40.07.
Goldman Sachs Group (GS) was down 8.27 to 117.98, International Business Machines Corporation (IBM) down 3.06 to 191.16, and Onyx Pharmaceuticals, Inc. (ONXX) 2.14 to 73.66.
The Direxion Daily Financial Bull 3X Shares (FAS) dropped 9.78 to 104.14, and the Direxion Daily Small Cap Bull 3X Shares (TNA) lost 4.32 to 54.47.
On the plus side, the ProShares Ultra VIX Short-Term Fut ETF (UVXY) jumped 4.34 to 31.34, not far off the high.
Other gainers of note included Netflix, Inc. (NFLX), up 1.31 to 77.68, on takeover rumors, and SodaStream International Ltd. (SODA), up 1.39 to 35.55, on earnings. It traded as high as 37.01.
The winner of the day was VirnetX Holding Corp (VHC), on a positive court ruling against AAPL, up 7.32 to 33.61.
Among other stocks of note on our board that did very well today, Procera Networks, Inc. (PKT), one of our favorites for the year, jumped 2.95 to 23.24, on solid earnings. Low-priced FAB Universal Corporation (FU) gained 40 cents to 3.23, or 14%. Mobile Mini, Inc. (MINI) advanced 2.31 to 19.91, or 13%. Tangoe, Inc. (TNGO) spiked 1.63 to 14.51, or 13%, on 2.3 million shares. BroadSoft, Inc. (BSFT) was up 2.75 to 32.56.
In the healthcare sector, three stocks we recommended for trades were up today. Centene Corp. (CNC) jumped 4.01 to 43.88, or 10%, on 2.6 million shares. HCA Holdings, Inc. (HCA) was up 2.92 to 33.85, or 10%, on 9.5 million shares, and Tenet Healthcare Corp. (THC) gained 2.39 to 27.34, or 10%, on 9.5 million shares.
In a very strong gun manufacturer sector, Sturm, Ruger & Co. Inc. (RGR) was up 3.04 to 47.68 and Smith & Wesson Holding Corporation (SWHC) up 91 cents to 10.37.
ProShares UltraShort DJ-UBS Crude Oil (SCO) popped 3.51 to 46.91.
Stepping back and reviewing the hourly chart patterns, the indices were sharply lower in the morning, and came back in a 5-wave retracement in the afternoon, but rolled over into the close for a very negative session.
We’ll see what happens in the days to come.
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