Harry Boxer
The Technical Trader
The stock market indices was even more volatile on Tuesday than in the last few sessions. The day started out with a little pop to the upside. They followed through sharply in the first 20 minutes, and then came down hard until early afternoon when they suddenly reversed. They rallied hard, taking back the entire losses on the S&P 500, going from 1816 to 1843, and on the Nasdaq from 3412 to 3492, or 80 points.
Net on the day, the Dow closed up 89.32 at 16,262.56. The S&P 500 was up 12.37 at 1842.98. The Nasdaq 100 was up 13.22 at 3487.85, reaching as high as 35.05 earlier in the day.
Advance-declines were 3 to 2 positive on the New York Stock Exchange, and slightly negative on Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 680 million shares. Nasdaq traded 2.3 billion shares and had a 13 to 10 positive volume ratio.
TheTechTrader.com board was red, as stocks came way off the lows but didn't quite get it into the plus column. Apple Inc. (AAPL), for example, got down to just over 511 and closed at 517.96, down 3.72. Netflix, Inc. (NFLX) was another one, opening at 312.10, closing at 326.27, down 5.31, 14 points off its low.
Tesla Motors, Inc. (TSLA) jumped from 184.33 to 199.29, but was down 4.18 to 193.91.
Adept Technology Inc. (ADEP) was down 1.39 to 14.29, and Arrowhead Research Corp. (ARWR) down 1.07 to 11.42. First Solar, Inc. (FSLR) took out our stop and went down to 63.31, closing at 66.39, down 1.91.
On the upside, priceline.com Incorporated (PCLN) was up 2.54 to 1169.75, Google Inc. (GOOG) up 3.92 to 536.44, and Amazon.com Inc. (AMZN) up 17 cents, or nearly flat, at 316.08.
Pharmacyclics Inc. (PCYC) ran 2.87 to 91.86, and Vipshop Holdings Limited (VIPS) snapped back 4.72 to 140.01.
Twitter, Inc., which was the leader today, was up all day, even at the down time during the day, closing up 4.65 to 45.52. Maxwell Technologies, Inc. (MXWL) gained 28 cents to 13.66, and Organovo Holdings, Inc. popped 39 cents to 6.64.
Checking the TheTechTrader.com percent-gain leaderboard, there were some outstanding gainers today. Wave Systems Corp. (WAVX) popped 39 cents to 1.40, or 39%, on 22 million shares, and traded as high as 1.97. 22nd Century Group, Inc. (XXII) bounced 58 cents to 2.78, or 26%, on 1.6 million shares. FX Energy Inc. (FXEN), which we put a swing on today, gained 62 cents to 3.86, or 19%, on 2.6 million shares. Highpower International, Inc. (HPJ) advanced 54 cents to 4.75, or 13%, on 2.6 million shares. BioFuel Energy Corp. (BIOF) was outstanding, up 51 cents to 5.69, or 10%.
Other stocks of note included Conns Inc. (CONN) with a big day, up 5.77 to 45.48. Castlight Health, Inc. (CSLT) was up 1.24 to 17.44, EnerNOC, Inc. (ENOC) up 1.74 to 21.92, Ubiquiti Networks, Inc. (UBNT) 2.18 to 38.46, and Golar LNG Ltd. (GLNG) 2.32 to 45.08.
Stepping back and reviewing the hourly chart patterns, the indices were up early, and down very sharply in a 5-wave decline, until midday when they rallied just as sharply, taking back the entire losses on the exchanges, closing with a positive session today.
It was an amazing rally, but key overhead resistance at the 3503.05 area on the Nasdaq needs to be tested tomorrow. We'll see if we get through there. The S&P 500 resistance is up around 1843-4 zone, very close to where it closed. If tomorrow they gap up, it could be a very strong rally, and some of the shorts will have to run for cover. Resistance is just above here, so it's an important day tomorrow.
Good Trading!
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