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    Nasdaq Leads Indices Lower RSS

    Closing Technical Market Analysis for Mon March 5th 2012

    The stock market indices started out on a weak note, but there was a little bit of comeback in the afternoon that definitely pared back the losses to make them minimal, although the Nasdaq 100 suffered a 1% loss today.

    The day started out with a move to the downside, and then a pop back that could not get back through Friday’s late highs. They rolled over very hard, especially on the Nasdaq 100, with Apple Inc. (AAPL) getting hammered for 20 plus points at one point in the session, dropping from 2643 to 2606 very quickly. The S&P 500 in that period of time dropped from 1368 to 1359, and then they stabilized for the next several hours, but rallied back into the afternoon only to rollover in the last 40 minutes or so.

    Net on the day, the Dow was down 14.76 at 12,962.81, the S&P 500 down 5.30 to 1364.33, and the Nasdaq 100 down 26.66 at 2614.92. Apple Inc. being down 12.02 today didn’t help.

    Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 13 to 11 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of 690 million shares traded today. Nasdaq traded about 1.66 billion shares and had a 3 to 1 negative volume ratio. board was mostly lower. The major losers today included Apple Inc. (AAPL), which we already mentioned, which closed at 533.16. Netflix, Inc. (NFLX) lost 4.29 to 110.81, Universal Display Corp. (PANL) 2.75 to 37.98, and SodaStream International Ltd. (SODA) 3.12 to 37.30, breaking major support. Goldman Sachs (GS) dropped 1.33 to 118.63, Rackspace Hosting, Inc (RAX) 1.79 to 52.63, and Inc. (STMP) 1.28 to 23.39.

    On the plus side, Keryx Biopharmaceuticals, Inc. (KERX) on strong biotech news jumped 1.24 to 4.94, or 33 1/2%, on 29 million shares. TranS1 Inc. (TSON) gained 78 1/2 cents to 4.07, or 23.9%. AEterna Zentaris, Inc. (AEZS) was up 40 cents to 2.15, or 23%, on 14.9 million shares. BioCryst Pharmaceuticals, Inc. (BCRX) advanced 89 cents to 5.58, or 19%, and Nature's Sunshine Products, Inc. (NATR) on low volume was up 2.34 to 16.97, or 16%.

    Other gainers of note included Cyanotech Corporation (CYAN), up 1.16 to 9.01, and BroadVision, Inc. (BVSN), up 5.70 to 50.73, after getting low as 39.54 at one point in the day. That was a major reversal from a big low to a big gain. U.S. Home Systems, Inc. (USHS) continued its winning ways, up 95 cents to 12.19. Sykes Enterprises, Inc. (SYKE) jumped 1.13 to 14.99. MagicJack VocalTec Ltd (CALL) was up 1.49 to 23.47, while Sourcefire, Inc. (FIRE) was on fire today, up 2.33 to 47.42 to new all-time highs. Fuel Systems Solutions, Inc. (FSYS) rose 1.22 to 27.34, and Molycorp, Inc. (MCP) snapped back 1.01 to 25.56.

    In addition, P.F. Chang's China Bistro, Inc. (PFCB) was up 1.28 to 39.36, and International Business Machines Corp. (IBM) was up 1.85 to 200.66, reaching a new all-time high today.

    Stepping back and reviewing the hourly chart patterns, the indices were down hard in the morning, bounced into resistance, backed off, and then bounced into resistance again. They backed late in the day on the Nasdaq 100, slightly taking out the morning highs on the S&P 500, but without any confirmation from NDX, the indices are now in a precarious position, because a move lower from here could mean key breaks in the rising channels and trend lines.

    We’ll see what happens tomorrow.

    Good Trading!


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