The stock market had a very interesting, mixed day today, with the indices blue chips up slightly. The Dow was up, the S&P 500 was flat, and the Nasdaq 100 was down as Apple dropped a whopping 63.51, after the earnings report, on 52 million shares. This stock is fractionally under 450.00 in afterhours trading and is pretty much a disaster. It has gone from 705 to 450 in just a couple months.
The day started out with the indices down, but they reversed sharply, actually with the S&P 500 going to new highs above 1500 at 1502.27. Nasdaq 100 did manage to bounce back up to 2723 up to 2748, but that 15-point rally was short lived as they rolled over midday into early afternoon, the NDX dropping from 2748 to 2728.
The S&P 500 bounced back from 1502 and change to 1491, but held support at 1489.90. Then they rallied the last hour, hour and a half, the S&P 500 jumping back from 1491 to 1498. However, without the NDX, or Apple, participating, they rolled back into the close to finish with a mixed picture.
Net on the day, the Dow was up 46.00 at 13,825.33. The S&P 500 was up .01 at 1494.82, 8 points off its high. The Nasdaq 100 was down 38.64 at 2723.53, 25 points off the high and 4 points off the low.
Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 13 1/2 to 11 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 658 million shares. Nasdaq traded over 2 billion and had an 11 to 9 positive volume ratio.
TheTechTrader.com board, was mixed, mainly because Apple Inc. (AAPL) was down 63.51 to 450.50 at the close. However, Netflix Inc. (NFLX), on solid earnings, was up 43.60 to 146.86, Google Inc. (GOOG) up 12.33 to 758.83, Priceline.com Incorporated (PCLN) 7.29 to 679.55, and Amazon.com Inc. (AMZN) 5.51 to 273.62, certainly helped balance the Apple loss. Still, there were 1100 decliners today, many of those Nasdaq stocks.
First Solar, Inc. (FSLR) dropped 85 cents to 30.30, and the VelocityShares 3x Long Silver ETN (USLV) down 1.70 to 29.26
Percent gainers on our board included Swift Transportation Company (SWFT), which we traded today, up 2.91 to 13.14, or 28 1/2%, on 15 million shares. iRobot Corporation (IRBT) advanced 1.95 to 23.06, or 9%, on nearly a million shares. Embraer SA (ERJ) 2.60 to 31.16, or 9%, on 3.1 million shares. InvenSense, Inc. (INVN) 1.52 to 14.76, or 11 1/2%, on 7.5 million shares.
Travel stocks did well today. Travelzoo Inc. (TZOO), which we also traded, popped 4.67 to 23.88, or 24% on 1.2 million shares.
TravelCenters of America LLC (TA) gained 66 cents to 6.66, or 11%, on 1 million shares.
Overstock.com Inc. (OSTK) was up 1.05 to 16.43, InterOil Corporation (IOC), which we traded today, up 5.33 to 61.07, Methanex Corp. (MEOH) 2.48 to 34.77, Briggs & Stratton Corporation (BGG) 2.13 to 23.00, and Avnet, Inc. (AVT) 2.23 to 34.40.
Other gainers of note included Cash America International, Inc. (CSH), up 3.40 to 46.56, Deluxe Corp. (DLX) up 2.65 to 36.30, Green Mountain Coffee Roasters Inc. (GMCR) 2.70 to 43.78, Brunswick Corporation (BC) 2.41 to 35.22, CVR Energy, Inc. (CVI) 2.72 to 54.11, rounded out our gainers board today.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, snapping back just as sharply to new highs on the S&P 500, but failing to do so on the Nasdaq 100, leaving an island reversal, a very potent, negative pattern on the NDX, and one to pay attention to.
Over the next few days we'll be watching key support on the Nasdaq 100 in the 2700 - 2708 zone. If that is broken, then there's much more downside to come. The S&P 500 current support is around 1490, followed underneath that by 1484-5 area. If those levels are broken, we may see much steeper pullbacks.