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Closing Technical Market Analysis for Mon March 12th 2012
The stock market indices started the week with a pop to the upside, and then immediately reversed in a 5-wave down move, and took the Nasdaq 100 from 2652 to 2636. The S&P 500 dropped from 1373 to 1366 1/2. They bounced back in another 5-wave move, taking the NDX back up from 2636 to 2650, and the S&P 500 from 1366 1/2 to 1372. They backed and filled in an orderly fashion at the end of the day without giving up too much.
Net on the day, the Dow was up 37.69 at 12,959.71, the S&P 500 up 0.22 to 1371.09, and the Nasdaq 100 exactly even for the day at 2646.85.
Advance-declines were 250 issues negative on the New York Stock Exchange, and 350 issues negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of 627 million shares traded today. Nasdaq traded about 1.3 billion shares and had a 8 to 5 negative volume ratio.
It was somewhat of a down day and a mixed session for the most part. We’ll have to see what’s churning up here, or consolidating.
TheTechTrader.com board was narrowly mixed, but there were some outstanding gainers today. Apple Inc. (AAPL) led the way with an all-time new high of 552.00, up 6.83. SodaStream International Ltd. (SODA) was up 3.12 to 37.68 after it unveiled its new product, “Revolution,” a new soda product.
Coffee Holding Co., Inc. (JVA) was up 2.26 to 12.86, or 21%, and the standout today, although it reached much higher levels earlier in the session. Velti Plc (VELT) closed near the highs for the day going away at 12.49, up 2.67, or 27%. Clean Diesel Technologies, Inc. (CDTI) popped 1.74 to 4.85, or nearly 56%, after announcing appointment of President and GEO. Youku.com Inc (YOKU) jumped 6.l8 to 31.85, or 27 1/2%, on 25 million shares. Orexigen Therapeutics, Inc. (OREX) gained 69 cents to 4.39, or 18%, and RADVision Ltd. (RVSN) 1.33 to 8.98, or 17%.
In addition, Yelp Inc. (YELP) was up 2.69 to 22.49, Cyanotech Corporation (CYAN) up 1.12 to 11.14, Amerigon Incorporated (ARGN) 1.26 to 16.45, InvenSense, Inc. (INVN) 1.33 to 19.12, BroadVision, Inc. (BVSN) 2.47 to 45.60, 51job, Inc. (JOBS) 2.56 to 58.04, Tesla Motors, Inc. (TSLA) 1.27 to 36.01, and Alexion Pharmaceuticals, Inc. (ALXN) 3.14 to 87.87.
On the downside, there were no point-plus losers other than Netflix, Inc. (NFLX), down 2.93 to 106.20, and ultra-short iPath S&P 500 VIX Short Term Futures (VXX), down 1.07 to 22.27.
Stepping back and reviewing the chart patterns, the indices were down in the morning, up early afternoon, and backed off late afternoon to pare the gains and close flat on the NDX and nearly so on the S&P 500.
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