logo
  Join        Login             Stock Quote

NASDAQ Technical Picture - Lowest Close Since Oct. 2006 - Mar 7 2008 10:05AM

 March 07, 2008 10:05 AM



Friday's close was the lowest since October 2006. The NASDAQ has been carving a symmetrical triangle for 5 weeks. Symmetrical triangles are generally continuation patterns, so Friday's action was no surprise, and probably a welcome relief after all the narrow range trade as price moved closer to the apex. Prices gapped some 20 points lower and continued lower on higher volume in afternoon to end the session off by 60 pts. or 2.6%. All major sectors participated in the drubbing.The Feb. low is less than 20 pts. away, followed by a retest of the January lows.

The TRIN, a measure of selling pressure, closed at 2.54. According to Briefing.com a close above 2.00 suggests potential for a rebound the following session (17 out of the last 20 ended higher). But this does not preclude a downside extension.

Broad market volatility moved higher this past week with the VIX up 9.5% from last Friday's close now at 26.34, and the tech-focused VXN (Nasdaq Volatility Index) higher by 7.6% on the week at 28.31. The "fear gauges" declined early in the week as the stock market rallied, but they are moving sharply higher Friday as equities came under heavy pressure, trading at their lows for the week (SPX -1.6% on the week, Dow -1.0% and Nasdaq -1.2%). The CBOE put/call ratio, closed at 1.27, indicating higher put trading than call trading.

Stocks over $5 posting the largest percentage gain over the last five sessions include: TTWO +50%, OME +48%, MNTA +36%, COINZ +32%, GYI +31%, BRKR +30%, HURC +29%, CGPI +29%, COINW +28%, GTLS +27%, CISG +27%, JRJC +26%, VIT +26%, OVTI +26%, GTXI +26%, SHZ +25%, OCNW +24%, MTEX +24%, CHNR +23%, PAR +23%, SYNP +23%, NZ +22%, ASGN +22%, ANV +22%, ERES +21%, SONE +20%, PRGX +19%, CRME +19%, LEAP +19%, TESO +19%, OHB +19%, HSII +18%, EOG +18%, SAPE +18%, KGN +18%, MEMS +18%, ASTE +18%, AMSC +17%, DNN +17%, OMCL +17%, MINI +17%, KONG +17%, IHP +16%

Stocks over $5 posting the largest percentage loss over the last five sessions: RHD -59%, FMT- -50%, ENOC -44%, BZ -39%, TSRA -39%, MF -38%, ABH -36%, DUCK -31%, CRDN -30%, USU -28%, PDGI -28%, CRI -27%, SEED -26%, PBKS -24%, COMV -24%, BGFV -22%, HWAY -22%, WPCS -21%, IMA -21%, CAVM -21%, PMII -21%, SMSI -20%, NT -20%, DY -20%, LHCG -20%, BKR -19%, DIVX -19%, ADSK -19%, ODP -19%, IRIS -19%, S -18%, GFG -18%, URS -17%, CLWR -17%, TYM -17%, DAL -17%, CMED -17%, NWA -16%, TMA -15%

Companies reporting earnings the week of March 3rd -7th include: Monday: FVE, GEHL, HBC, JOBS, ABM, BEXP, CMOS, LF, MWY, SUPG, and OVEN... Tuesday: CLWR, JRCC, PRFT, PMI, SPLS, TSL, RMIX, WRES, CHS, DIET, GOLF, HLYS, IDSY, and SMTC... Wednesday: BJ, BWS, CSIQ, COST, FTEK, SKS, TRMP, FCEL, MATK, HRB, PETM, TIVO, UDRL, and CHIP... Thursday: BBI, FLE, JOYG, KFY, OMRI, RIO, DEPO, BOOM, HRAY, MRVL, PSPT, and WIND... Friday: CIEN, EBS, and HEES
iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageApple Inc. (AAPL) Q3 Earnings Preview: A Hiccup in Sentiment?

Apple Inc. (NASDAQ:AAPL) will post its third-quarter 2014 financial results and business after the market read on...

article imageChipotle Mexican Grill, Inc. (CMG) Q2 Earnings Preview: Will Higher Traffic Offset Higher Costs the Key

Chipotle Mexican Grill, Inc. (NYSE:CMG) will host a conference call to discuss second quarter 2014 read on...

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.