logo
  Join        Login             Stock Quote

Sharp Losses Despite Late Snapback

 May 14, 2010 08:53 PM
 


Well, the week ended on quite the negative note, as the stock market indices started sharply lower and moved lower for most of the morning. About 11:30 they bounced, then backed and filled for several hours in what appeared to be a basing attempt. After a late afternoon retest of the lows on the S&P 500 for the third time, they held, then snapped back sharply, and for the last 30 minutes took back a big chunk of the losses.

Net on the day, the Dow was still down by 162.79 at 10,620.16, closing 83 points off its low. The S&P 500 down 21.76 at 1135.68, 9 points off its low, and Nasdaq 100 38.42 at 1907.10, 22 points off its low, and at one point down as much as 60.

Advance-declines were about 8 to 1 negative today on the New York Stock Exchange, and a little less than 6 to 1 negative on Nasdaq. Up/down volume was 20 to 1 negative on New York on total volume of a little over 1 1/2 billion shares. Nasdaq traded 2.6 billion today, but had an 8 to 1 negative ratio.

[Related -Stocks Bounce On Strong GDP Report]

So, it was a decidedly negative day on Wall Street to end the week.

TheTechTrader.com board, as a result, was mostly down today other than just a few issues. Hauppauge Digital Inc. (HAUP), after yesterday's big announcement, jumped another 90 cents to 3.93, although it traded as high as 4.85 at one point on 29.2 million shares traded.

Neostem, Inc. (NBS) was up 47 cents to 3.41, and UltraLife (ULBI) up 31 cents to 4.52.

[Related -Sobering Quarter and Guidance for Long-Time Apple Bull]

In the ETF sector, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) jumped 2.68 to 47.82, ProShares UltraShort Real Estate (SRS) 1.62 to 26.62, iPath S&P 500 VIX Short-Term Futures ETN (VXX) 2.14 to 26.86, and the Direxion Daily Financial Bear 3X Shares (FAZ) 1.08 to 13.75.

On the downside, multiple point-plus losers included Apple Inc. (AAPL) down 4.54 to 253.82, Amazon.com (AMZN) down 2.94 to 128.53, Cree Inc. (CREE) down 3.82 to 72.10, and Google Inc. (GOOG) down 3.35 to 507.53.

Among other point-plus losers of note, RINO International Corp (RINO) lost 1.01 to 15.44, Goldman Sachs (GS) 1.42 to 143.23, Dendreon Corp (DNDN) 1.64 to 43.76, China Automotive Systems Inc. (CAAS) 1.24 to 19.41, Baidu Inc. (BIDU) 1.66 to 73.98, Brigham Exploration (BEXP) 1.25 to 16.96, and Acme Packet, Inc. (APKT) 1.01 to 25.19. Those were the point-plus losers today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply in a 3-wave decline until just before lunch hour. Over the next several hours they backed and filled, then tried to consolidate, but when they were unable to make any further downturn progress they experienced some late short covering and rallied to take back a portion of the losses, but still ended with sharp losses for the day. We'll see what kind of follow-through, if any, we get to the downside Monday.

Good trading!

Harry

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

article imageHoliday Fever Takes Hold Of Stock Investors, But A Pullback Is Needed

With warmer weather arriving to melt the early snowfall across much of the country, investors seem to be read on...

article imageIs 0% Growth For 90% A Successful Economic Model?

Via Greg Mankiw I read the review of Piketty's book by Deirdre McCloskey. The review reminds me of the 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.