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Closing Technical Market Analysis for Thu April 24th 2014
The stock market indices had a very wild volatile session today fueled by strong news out of Apple earnings and 7-to-1 split, and a few other stocks. The markets gapped up huge, over 50 points on the NDX, only to sell off sharper to session lows within the first half hour. They rallied back to meet midday highs below the earlier highs, and then rolled back to test support. When that was successful they bounced, but they drifted back off into the close.
Net on the day, the Dow closed nearly at 16,503.65, up just a point or so. The S&P 500 was up 3.22 at 1878.61, 8 points off the low, but 6 points off the high. The Nasdaq 100 was up 33.99 at 3591.03, about 35 points off its low and 22 points off its high.
Advance-declines were barely positive by only 43 issues on the New York Stock Exchange, and down by 400 issues on Nasdaq. Up/down volume was 30 to 29 negative on New York, with total volume of just under 600 million shares. Nasdaq traded just over 2 billion shares and had a more that 11 to 9 negative volume ratio.
TheTechTrader.com was led by Apple Inc. (AAPL) today, up 43.02 to 567.77, at its high. Amazon.com Inc. (AMZN) closed up 12.57 to 337.15, very near its high as well.
Pharmacyclics Inc. (PCYC) was nearly flat, up just 87 cents to 94.48, and Tesla Motors, Inc. (TSLA) and Vipshop Holdings Limited (VIPS) were nearly flat, just pennies to the downside.
Canadian Solar Inc. (CSIQ) was the only point-plus gainer on our board today, up 1.49 to 30.70.
On the downside, priceline.com Incorporated (PCLN) was down 2.92 to 1217.03, Google Inc. (GOOG) down 1.78 to 525.16, Netflix, Inc. (NFLX) 9.43 to 344.07, and International Business Machines Corporation (IBM) 1.51 to 190.22.
Oramed Pharmaceuticals Inc. lost 1.18 to 12.51, Facebook, Inc. (FB) gave back 49 cents to 60.87, and Twitter, Inc. dropped 1.13 to 44.82.
Checking the TheTechTrader.com percent-gain leaderboard, ThermoGenesis Corp. (KOOL) popped 46 cents to 2.06, or 29%, on 9.3 million shares. Vertex Energy, Inc. (VTNR) thrust 79 cents to 8.25, or 11%.
VASCO Data Security International (VDSI) bounced 1.08 to 9.39, or 13%, on 1 million shares.
Zimmer Holdings, Inc. (ZMH), on a merger, was up 10.52 to 101.97, or 11 1/2%, on 12.3 million shares. Lam Research Corporation (LRCX) ran 6.01 to 58.26, or 11 1/2%, on 8.4 million shares.
Other stocks of note include Modine Manufacturing Company (MOD) up 1.38 to 17.12, Cytokinetics, Incorporated (CYTK) up 1.07 to 12.99, Citrix Systems, Inc. (CTXS) 4.01 to 60.00, TriQuint Semiconductor, Inc. (TQNT) 1.00 to 14.28, Cirrus Logic Inc. (CRUS) 1.40 to 20.63, and NetScout Systems, Inc. (NTCT) 2.95 to 38.70.
In addition, The Greenbrier Companies, Inc. (GBX) jumped 3.36 to 51.73, Aetna Inc. (AET) advanced 4.05 to 72.96, and Timken Co. (TKR) ran 3.90 to 63.58.
Stepping back and reviewing the hourly chart patterns, the indices gapped up big time and gave it all back very quickly. They went to lower lows before rallying back, taking about three-quarters of the declines back, before backing and filling the rest of the session.
Let’s see how it goes tomorrow.
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