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Closing Technical Market Analysis for Mon December 20th 2010
The stock market indices started out the week mixed and were somewhat volatile with a pop at the opening and then a strong rollover plunge to the sessions lows early in the morning, double-bottoming there. They then moved back up in a 5-wave advance that took the Nasdaq 100 from 2206 to 2230 and the S&P 500 from 1241 to 1250. In the last hour they pulled back, closing the Dow just slightly negative, and the NDX and SPX giving back a chunk of their gains with mixed technicals.
Net on the day, the Dow closed down 13.78 at 11,478.13. The S&P 500 was up 3.17 at 1247.08, and Nasdaq 100 was up 4.75 at 2223.04.
Advance-declines were slightly negative by about 46 issues on the New York Stock Exchange and by about 70 issues on Nasdaq. So, just a marginally negative day. However, up/down volume was positive on both exchanges, by 5 to 3 on New York with a total volume of a light 800 million shares traded. Nasdaq traded just under 1.7 billion shares and had a 9 to 7 positive ratio on advancing volume over declining volume.
TheTechTrader.com board was mostly higher today. Leading the way percentage-wise was low-priced stock Arena Pharmaceuticals, Inc. (ARNA) up 73 cents to 2.38, or 44%. Bioanalytical Systems Inc. (BASI) gained 88 cents to 3.55, or 33%. Chelsea Therapeutics International Ltd. (CHTP) was up 1.68 to 7.69, or 28 1/2%. Amarin Corporation plc (AMRN) was up 67 cents to 7.83, and Kandi Technologies Corp (KNDI) 59 cents to 6.70, or 10%.
In addition, Amtech Systems Inc. (ASYS) was up 1.59 to 26.13, and Almaden Minerals Ltd. (AAU), one of our swing trades, up 39 cents to 5.06. EDAP (EDAP) gained 1.12 to 6.30, or 23%, and ADA-ES, Inc. (ADES) 1.37 to 11.14, with Allot Communications Ltd. (ALLT) up 71 cents to 10.60, Adventrx Pharmaceuticals, Inc. (ANX) 28 cents to 2.85, iGo, Inc. (IGOI) 24 cents to 3.49, Ku6 Media Co., Ltd. (KUTV) 71 cents to 6.19, Nabors Industries Ltd. (NBR) up 38 cents to 22.22, and Nova Measuring Instruments Ltd. (NVMI) 60 cents to 7.96.
Other stocks of note included SLM Corporation (SLM) up 76 cents to 12.82, and Eastman Kodak Co. (EK) 30 cents to 5.83. InterDigital (IDCC) had a big day, up 3.55 to 42.64, a multi-year high, and Finisar Corp. (FNSR) gained 85 cents to 29.87.
On the downside, there were only two point-plus losers on the board today. They included Coinstar Inc. (CSTR) down 1.21 to 59.83 and Acme Packet, Inc. (APKT) 2.02 to 55.96.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up through midday in a 5-wave advance, and then backed off after reaching as high as 2230 and change on the NDX and 1250.20 on the SPX. The indices pulled back a few points to pare back the gains and leave the Dow in negative territory with mixed technicals today.
It was kind of a rough start to the week, but nevertheless they held their own. We’ll see if there’s any follow-through tomorrow.
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