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Nasdaq Leads Mixed Session
Posted on April 05, 2012 at 19:45 PM EDT
The stock market indices ended mixed today, but the technicals were negative. It was a profit-taking day, at least at the end of the day, although Nasdaq 100 was different. Apple Inc. (AAPL) was up 9.37 to 633.68, reaching 634.66 earlier in the day, a new all-time high. That certainly helped the market today, at least the NDX. The day started out with a little bit of a gap to the downside, with a much bigger gap on the S&P 500. They rallied strongly, got to mid-day highs, and then backed off in the afternoon. The S&P 500 backed off much steeper and took back about 80% of its rally. The NDX took back about a third of its rally, although there was a much more positive divergence from Nasdaq 100. In the last couple hours, they edged their way higher on the NDX, and the S&P 500 moved back about 50% from its high, but was unable to do much. Net on the day, the Dow was down 14.61 at 13,060.14. The S&P 500 was down 88 cents at 1398.08, about 5 points off its low, and the Nasdaq 100 was up 17.50 at 2762.50, less than 2 points off its high, despite the Dow and SPX being down. Advance-declines were 17 to 13 negative on the New York Stock Exchange, and 13 to 11 1/2 negative on Nasdaq. Up/down volume was 8 to 7 positive on New York, and Nasdaq had a 2 to 1 negative volume ratio. TheTechTrader.com board was mixed with gainers and losers. Some of the Chinese stocks flew this morning, although they gave back much of their gains. NF Energy Saving Corp. (NFEC) was up 1.15 to 2.35, or 95.8%, on 3.5 million shares traded. Shengkai Innovations, Inc. (VALV) gained 39 cents to 1.53, or 34%, on 4.6 million shares. China Recycling Energy Corporation (CREG) jumped 58 cents to 2.05, or 39 1/2%, on 2 million shares. Guanwei Recycling Corp. (GPRC) added 17 cents to 1.17, or 17%, on 3.8 million shares. In addition, TearLab Corporation (TEAR) was up 70 cents to 4.20, or 20%. Ocz Technology Group Inc. (OCZ) advanced 71 cents to 7.44, or 10 1/2%, on 3.75 million shares. InterMune Inc. (ITMN) exploded 1.41 to 15.28, or 10%, on 6.2 million shares. Other gainers of note included Bed Bath & Beyond, Inc. (BBBY), which we traded today, up 5.65 to 71.88, or 8 1/2%, on 10.6 million shares. Allot Communications Ltd. (ALLT), one of our swing trades, was up 1.81 to 24.31, or 8%. Transcept Pharmaceuticals, Inc. (TSPT) rose 85 cents to 11.12, AsiaInfo-Linkage, Inc. (ASIA) 68 cents to 11.91, Verifone Systems, Inc. (PAY) 2.95 to 52.96, and Liquidity Services, Inc. (LQDT), one of our picks for the year, 2.65 to 49.36. E-Commerce China Dangdang Inc. (DANG) climbed 52 cents to 9.74, and Onyx Pharmaceuticals, Inc. (ONXX) 2.21 to 41.49. Focus Media (FMCN) rallied 1.23 to 25.10. Guidewire Software, Inc. (GWRE) advanced 1.42 to 30.65. Annie's Inc. (BNNY) was up 1.60 to 38.97, and TIBCO Software Inc. (TIBX), another one of our favorites for the year, gained 1.38 to 32.83. Par Pharmaceutical Companies Inc. (PRX) ran up 1.60 to 40.92, SodaStream International Ltd. (SODA) 1.08 to 33.31, and Nu Skin Enterprises Inc. (NUS) 1.26 to 56.79. On the downside, the only point-plus loser on our board today was Goldman Sachs (GS), down 1.96 to 118.00. Stepping back and reviewing the hourly chart patterns, the indices had a weak opening but came back strongly to reach the session highs late in the morning and early afternoon. They then consolidated the rest of the afternoon, with a pullback mid-afternoon, and a comeback-orderly rally late in the day to put the NDX solidly in the plus column, and bring the S&P 500 back very narrowly with only a 1-point loss. Good Trading! Harry
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