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Closing Technical Market Analysis for Tue April 17th 2012
It was a very strong day on Wall Street today, and ended with very strong gains. The volume was lighter than I like to see, although the technicals were very strong.
The day started out with a huge gap up, and a very sharp run. The Nasdaq 100, in particular, spearheaded by Apple Inc. (AAPL), exploded and gapped up from 2675, and ran steadily all afternoon to get up to 2732, a 55-point run-up. A little bit of a late pullback off the top brought them back to key gap resistance that occurred on Friday morning. The S&P 500 went to nearly 1393 today, which is the highest level reached in about 3 weeks.
We’ll see what happens tomorrow, but they did turn down off a key resistance level at the top of the declining channel on the S&P 500, near lateral resistance. So, we’ll have to see how key today was, but it’s important that we get a follow-through in the next day or two max.
Net of the day, the Dow was up 194.13 at 13,115.54, the S&P 500 up 21.21 at 1390.78, and the Nasdaq 100 up 53.48 at 2723.58.
Advance-declines were technically very strong, almost 4 to 1 positive on the New York Stock Exchange, and 3 1/2 to 1 positive on Nasdaq. Up/down volume was 7 1/2 to 1 positive on New York on total volume of just under 390 million. Very light today. Nasdaq day traded about 1.5 billion, and had a 6 to 1 positive volume ratio. It was definitely a solid day there.
TheTechTrader.com board was mixed, but mostly strong. Leading the way by far, was Apple Inc. (AAPL), up 29.57 to 609.70, or 38 points off its low, after being down about 9 points early in the morning. So, it jumped about 30 points. The high for today was 610, and the low was 571.91.
In addition, International Business Machines Corp. (IBM) was a standout today, up 4.73 to 207.45, and it has earnings after the close along with Universal Display Corp. (PANL), which jumped 2.56 to 38.15. Netflix, Inc. (NFLX) was up 5.87 to 107.02.
There were a lot of low-priced stocks moving today. NewLead Holdings Ltd. (NEWL) closed up 97 cents to 3.18, or 43.9%, on 1.5 million shares. Cleantech Solutions International, Inc. (CLNT) was up 72 cents to 4.32, or 20%, on 1.7 million shares. Swisher Hygiene Inc. (SWSH) gained 39 cents to 2.38, or 19.6%, on 1.7 million shares. Shengkai Innovations, Inc. (VALV) jumped 27 cents to 1.36, or 24.8%, on 1.8 million shares.
EnerNOC, Inc. (ENOC) popped 1.07 to 7.58, Top Image Systems Ltd. (TISA) jumped 74 cents to 4.90, and West Pharmaceutical Services, Inc. (WST), which we traded today, rose 5.12 to 45.05. In addition, First Solar, Inc. (FSLR) was 2.14 to 22.96 on some reorganization, Endocyte, Inc. (ECYT) 38 cents to 8.00, ChipMOS Technologies (IMOS) 1.01 to 14.48, Dendreon Corp. (DNDN) 48 cents to 9.29, Spanish Broadcasting System Inc. (SBSA) 45 cents to 6.51,and Threshold Pharmaceuticals, Inc. (THLD) 39 cents to 6.57.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) jumped 2.54 to 57.66 and the Direxion Daily Financial Bull 3X Shares (FAS) was up 4.09 to 103.18.
Other gainers of note included Cobalt International Energy, Inc. (CIE), which snapped back 1.09 to 27.44. Mellanox Technologies, Ltd. (MLNX) was up 1.81 to 43.44. Zumiez, Inc. (ZUMZ) 1.24 to 35.65. Stratasys Inc. (SSYS) 1.66 to 42.87, and Guidewire Software, Inc. (GWRE) 1.40 to 28.49.
3D Systems Corporation (DDD) gained 1.32 to 27.60, and Fusion-io Inc. (FIO) was up 1.24 to 27.73. Acme Packet, Inc. (APKT) jumped 1.47 to 28.44.
On the downside, the ultra-shorts got slammed back. ProShares Ultra VIX Short-Term Futures ETF (UVXY) was down 1.92 to 15.98, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) down 1.00 to 20.69.
Stepping back and reviewing the hourly chart patterns, the indices had a strong opening, and a strong run-up all day into the last half hour when they backed and filled a little bit, and then backed off into the close.
Slight profit taking, but not too bad. We’ll have to see what happens tomorrow.
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