logo
  Join        Login             Stock Quote

Nasdaq Trails In Mixed Session

 February 17, 2011 10:21 PM
 


The stock market indices had a very strong morning, but by midday the S&P 500's rally was not accompanied by the Nasdaq, which saw pressure from Apple (APPL), dropping 4.83 today to 358.30 on rumors regarding Steve Jobs' health.

Net on the day, the indices closed mixed, with the Dow up 29.97 at 12,318.14, the S&P 500 up 4.11 at 1340.43, and the Nasdaq 100 down 0.37 at 2397.57.

Advance-declines were positive by 3 to 2 on the New York Stock Exchange and on Nasdaq. Up/down volume was a little better than 2 to 1 positive on New York on very low total volume of 870 million. Nasdaq traded over 1.9 billion shares, and had about an 11 to 7 positive ratio on up volume over down volume.

TheTechTrader.com board was mixed but mostly higher today. Leading the way, Weight Watchers International, Inc. (WTW) was up 20.47 to 65.39, nearly 46%. It opened at 59.00 and traded as low as 58.27 before rocketing 8 more points at one point to 66.22.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

We day-traded the stock, whose chart from today's sesion is featured in our new Winner of the Day video.

Other gainers of note, Interphase Corp. (INPH) was up 1.53 to 5.93, a 34.7% gain. Nanometrics Incorporated (NANO) jumped 2.22 to 19.84, NVIDIA Corporation (NVDA) 2.30 to 25.68, Timberland Co. (TBL) 8.86 to 38.36, Hardinge Inc. (HDNG) 2.41 to 11.55, and China MediaExpress Holdings, Inc. (CCME) 1.61 to 14.26.

[Related -Gold hasn’t lost its allure in my portfolio]

In addition, Stratasys Inc. (SSYS) gained 2.25 to 47.70. IDT Corporation (IDT) snapped back 1.28 to 27.15, eHealth, Inc. (EHTH) advanced 1.77 to 13.41, and BSQUARE Corp. (BSQR) 1.40 to 13.18.

On the downside, Molycorp, Inc. (MCP) lost 1.22 to 47.65, and Goldman Sachs (GS) dropped 1.65 to 167.16.

It was very unusual that Goldman and Apple, two market leaders, were both down today, perhaps a sign of an impending turn of the market. We shall see.

Stepping back and reviewing the hourly chart patterns, the indices gapped lower at the opening, cracked minor support on the Nasdaq 100, but the S&P 500 failed to confirm, and then snapped back in a 5-wave advance, especially on the S&P 500. However, as indicated earlier, by midday the 2400 level became, apparently, too formidable for the NDX to overcome, and it backed off to close at 2397, slightly lower on the session.

We'll see how it goes tomorrow, but the rally continues.

Good Trading!

Harry

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had 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.