The stock market indices had a very mixed, choppy session today, beginning with a pre-pullback and then a spike right up to the highs. The Nasdaq 100 reached yesterday's high but couldn't get through, but the S&P 500 made a new high for the rally and backed off. They went into coiling, wedging-type patterns, rolled over to test midday and held.
That's when they started the best rally of the day, moving the NDX from 2825 to 2844, and the S&P 500 jumping from 1577 to 1583, a new high on the S&P 500 for the entire recent rally. The Nasdaq 100, once again, failed at 2845, creating a triple-top that caused a late pullback. Only in the last couple minutes did they bounce and perk up a little bit. The S&P 500 could not have closed more flat than it did today.
Net on the day, the Dow was down 43.16 at 14,676.30. The S&P 500 was up .01 at 1578.79, right at the high for the day. The Nasdaq 100 was down 1.25 at 2834.12.
Advance-declines were very strong today at 2 to 1 positive on the New York Stock Exchange, and 13 to 10 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York, with total volume of 700 million shares. Nasdaq traded nearly 1.7 billion and had a 5 to 3 positive volume ratio.
TheTechTrader.com board was interesting because there were some strong gainers, but for the most part most stocks were flat. Apple Inc. (AAPL), for instance, lost only 67 cents to 405.46 after earnings yesterday, and Amazon Inc. (AMZN) gave back .12 to 268.78.
So you can see how narrow some of these stocks were today.
Priceline Inc. (PCLN) was down 1.55 to 700.80, but Google Inc. (GOOG) was up 5.55 to 813.45.
Solar stocks did well today. First Solar, Inc. (FSLR) had a spectacular session as it blew through one of our swing-trade targets, reaching as high as 45.93, but closing at 45.11, up 4.77, or 12%, on 17 million shares. SunPower Corporation (SPWR) also had a big day, up 1.17 to 12.27, or 10 1/2%, on 7.3 million shares.
Uni-Pixel, Inc. (UNXL) had a late surge and closed at 35.17, up 72 cents. Low-priced SUPERVALU Inc. (SVU) jumped 65 cents to 6.01, on 23 million shares. Revolution Lighting Technologies, Inc. (RVLT) exploded to 3.40, backed off to 3.07, up 22 cents, on 5 million shares.
Stocks of note on the leader board included Noranda Aluminum Holding Corp. (NOR), up 1.15 to 4.45, or 35%, on 2 million shares. Oil was strong as FX Energy Inc. (FXEN) gained 73 cents to 3.43, or 27%, on 1.7 million shares.
Gaming stocks were solid with Boyd Gaming Corp. (BYD), which we traded today, up 2.03 to 10.98, or 23%, on 12 million shares. iRobot Corporation (IRBT) popped 3.38 to 28.94, or 14%, on 2.3 million shares. Lumber Liquidators (LL), on strong earning, ran up 8.19 to 78.68, or 12%, on 3 million shares. TravelCenters of America LLC (TA) climbed 1.07 to 12.24.
Thinly traded Insmed Incorporated (INSM) gained 1.33 to 8.87, or 17%. Sucampo Pharmaceuticals, Inc. (SCMP) rose 1.41 to 9.87, or 17%, on 1.5 million shares.
The Direxion Daily Gold Miners Bull 3X Shrs (NUGT) was up 2.15 to 12.85, or 20%, on 10.6 million shares and reaching 13.08 at one point as gold and silver were up.
Endeavour Silver Corp. (EXK) gained 42 cents to 4.91, or 10%, on 1.2 million shares. First Majestic Silver Corp. (AG) popped 1.03 to 12.06, or 9%, on 1.6 million shares. Randgold Resources Limited (GOLD) spiked 6.03 to 80.19, on 1.4 million shares.
Other gainers of note included Walter Energy, Inc. (WLT), up 1.35 to 17.82, and Oceaneering International, Inc. (OII) up 4.91 to 66.57.
Stepping back and reviewing the hourly chart patterns, the indices were up and down, back and forth, and whipsawed most of the session, and did not break out on the NDX, despite two new highs on the S&P 500.
Perhaps a negative divergence. We'll just have to wait and see if the NDX has the ability to make it through tomorrow. Watch levels at 2822 NDX and 1573-4 zone on the S&P 500.