Mar. 13, 2009 (Investor's Business Daily) -- Stocks gave up their morning gains and were trading lower. Volume rose across the board.
The Dow was down 0.3%, the S&P 500 0.5%, the NYSE composite 0.4%. The Nasdaq lost 0.8%.
NetEase.com (NTES) gained 3% in high volume. The Chinese provider of Internet games may be making the right side of a cup-shaped base. During the base building, the stock's relative strength line had shot up. That's an encouraging signal.
NVE Corp (NVEC), a maker of devices to store and transmit data, was up 2%. The thinly traded company shot up 12% on Thursday after it found support at its 10-week moving average. Its RS line is at a new high.
On the downside, Syngenta (SYT) is off 9%. The maker of products to increase crop yield dived below its 10-week moving average. On Thursday, Syngenta gapped down as well on news that German ag company K+S disappointed on its earnings. Monsanto (MON) was also off 3%.
Credit card giant Visa fell 3%. The stock is trading near its 50-day moving average.
Neutral Tandem (TNDM) reversed after its big early morning move. The stock was down 1% after being up as much as 7%. This downside reversal is a serious sign of weakness.
11:15 a.m. Update: Indexes Wage Stubborn, Uphill Battle
BY ALAN R. ELLIOTT
Health care issues led the upside as indexes trudged incrementally higher in heavy trading.
The Dow rose 0.6%, the S&P 500 0.5%, the NYSE composite 0.4%. The Nasdaq pared losses and hovered near the break-even line.
General Motors (GM) sprung up 25%, heading the Dow's upside. Losses by Apollo Group (APOL), Stericycle (SRCL) and Microsoft (MSFT) weighed on the Nasdaq 100.
Volume ran solidly higher on both exchanges. Advancing issues led decliners by about 3-to-2 on the NYSE and nearly 4-to-3 on the Nasdaq.
The University of Michigan's closely watched consumer sentiment index showed a preliminary reading of 56.6 for March. That was above analyst expectations for 55 but well below January's 61.2 number.
In stocks, medical imaging and diagnostic systems maker Hologic (HOLX) gapped up and added 10% in heavy action. The company reported that the Food and Drug Administration had approved for use Hologic's tests for detecting known precursors to various forms of cervical cancer. The move brought shares just back to their 10-week moving average. The stock remains deep in a 14-month correction.
Edwards Lifesciences (EW) edged up 2%, adding to its rebound from a three-week sell-off.
Corrections Corp. of America (CXW) popped 6% in strong trading, also pulling even to its 10-week moving average.
