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Closing Technical Market Analysis for Tue March 20th 2012
The stock market indices closed mixed today after a big gap down at the opening, and a strong recovery throughout the rest of the session, especially on the Nasdaq 100, fueled by Apple Inc. (AAPL).
The day started out with a big gap down, and then they worked their way up in what looked like bear flags, but when they broke to the upside midday, they continued to press higher all day. Still, the Dow and the S&P 500 couldn't get back into the plus column, although they closed off the lows.
Net on the day, the Dow was down 69.10 at 13,170.03, about 47 points off the low. The S&P 500 was down 4.25 to 1405.54, just 8 points off the low, and the Nasdaq 100 was up 4.37 at 2737.63, about 26 points off the low, powered, as noted, by Apple, which went from a low of 592 back up to 606, closing up 4.86 to 605.96.
Advance-declines were still more than 2 to 1 negative on the New York Stock Exchange, and more than 2 to 1 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of only 670 million shares traded today. Nasdaq traded less than 1.5 billion shares and had an 8 to 61/2 negative volume ratio.
TheTechTrader.com board was mostly higher. Leading the way today was low-priced Recon Technology, Ltd. (RCON), which gapped and ran hard, and got up to 4.58, and closed up 1.67 to 3.92, or 74%, on 7.5 million shares traded, a 43,000% increase in volume. Low-priced NewLead Holdings Ltd. (NEWL) was up 45 cents to 1.70, or 36%. Gordmans Stores, Inc. (GMAN) was one of our trades today, up 4.00 to 19.44, or 26%. Amarin Corporation plc (AMRN) jumped 1.28 to 11.94, or 12%, on 22 million shares. Neutral Tandem, Inc. (IQNT) gained 1.20 to 12.32, or 11%. Endocyte, Inc. (ECYT) was up 53 cents to 5.43, or 11%, on 2.8 million shares. Hollysys Automation Technologie (HOLI), on contract news, ran up 1.21 to 10.58, or 13%, and DragonWave Inc (DRWI) added 45 cents to 4.45, or 11%.
In addition, Trina Solar Ltd. (TSL) climbed 61 cents to 8.38, after the U.S. announced subsidies for solar energy. Affymax, Inc. (AFFY) was up 91 cents to 12.77, U.S. Silica Holdings, Inc. (SLCA) 1.28 to 21.09, Tiffany & Co. (TIF) 4.59 to 73.27 after being as high as 4.61 today, Silicon Motion Technology (SIMO) 1.23 to 21.13, and Michael Kors Holdings (KORS) 2.77 to 48.09.
Lions Gate Entertainment (LGF), with ‘The Hunger Games’ approaching, was up 1.03 to 15.28. The ProShares UltraShort Silver (ZSL) jumped 55 cents to 10.79.
On the downside, the point-plus losers included Cobalt International Energy (CIE), which gave back 1.47 to 31.56 as profit taking set in. International Business Machines Corp. (IBM) was also down 1.47 to 204.25, and Universal Display Corp. (PANL) dropped 2.23 to 37.97.
In addition, the Direxion Daily Small Cap Bull 3X Shares (TNA) lost 1.72 to 62.33.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, reached slightly lower lows, tested support, and then bounced and formed consolidations. But when they broke to the upside, they extended the rally sharply, and retested the highs, and made nominal new, multi-year highs on Nasdaq 100 today, reaching 2740. However, the S&P 500 did not reach yesterday’s high at 1414, and closed at 1405.64.
We’ll see what tomorrow brings, although it looks like there’s some distribution going on, so we’ll see.
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