Harry Boxer
The Technical Trader
The stock market indices had an interesting day. They were down in the morning, up in the afternoon, and closed with gains on the blue chips. The Nasdaq 100 came back from a 15-point loss only to close down .11, nearly unchanged. They did salvage the day with a late run, particularly in the last half hour when they really spiked up and closed at the afternoon highs. So today's morning lows around the 2780 area NDX and the S&P 500 at lows around 1552 held despite the new pull-back lows on the NDX. The S&P 500 did not confirm and that's what potentially closed the rally.
Net on the day, the Dow was up 55.76 at 14,606.11. The S&P 500 was up 6.29 at 1559.98, 7 points off the low. The Nasdaq 100 was up .11 at 2794.91, flat on the day.
Advance-declines were a little better than 3 to 2 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was more than 2 to 1 positive on New York, with total volume of 625 million shares. Nasdaq traded a little over 1 1/3 billion and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was led to the upside by Priceline Inc. (PCLN), up 2.63 to 701.35, 12 points off the low. However, some of the other Nasdaq generals were lower today. Apple Inc. (AAPL) was down 4.27 to 427.72, Google Inc. (GOOG) down 11.13 to 795.07, Netflix Inc. (NFLX) down 3.05 to 166.69, and International Business Machines Corporation (IBM) 1.35 to 211.31.
TheTechTrader.com was quite interesting with some percent gainers today. Low-priced Primo Water Corporation (PRMW) spiked 20 cents to 1.36, or 17%. Low-priced CollabRx, Inc. (CLRX) gained 40 cents to 3.59, or 12 1/2%. Repligen Corporation (RGEN) ran 75 cents to 8.06, or 10%, on 1 million shares. Revolution Lighting Technologies, Inc. (RVLT) closed up 19 cents to 2.07, or 10%.
Best Buy Co., Inc. (BBY) exploded for 3.48 to 25.13, or 16%, on 55 million shares. Conns Inc. (CONN), after earnings, popped 5.10 to 44.11, or 13%, on 1.8 million shares. Liquidity Services, Inc. (LQDT) advanced 3.40 to 32.72, or 12%, on 1.3 million shares.
Other gainers of note included Cimatron Ltd. (CIMT), up 57 cents to 6.55, Allot Communications Ltd. (ALLT) up 73 cents to 12.31, Ambarella, Inc. (AMBA) 85 cents to 14.55, and Finisar Corp. (FNSR) 75 cents to 13.36.
Medivation, Inc. (MDVN) was up 2.67 to 48.75, Delek US Holdings, Inc. (DK) up 1.71 to 37.29, and Universal Display Corp. (PANL) 1.30 to 28.74 were some of the highlights today.
Stepping back and reviewing the hourly chart patterns, the indices came down in a 5-wave move early, reversed, retested in the afternoon, and came up forming a head-and-shoulders inverse pattern, and then closed up near the neckline.
It will be very interesting to see if they can get back over 2800 tomorrow at Nasdaq 100 resistance. The S&P 500 resistance is 1562-4.
We'll see what happens tomorrow.
Good Trading!
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