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Wall Street Closes Down Week With Further Losses

 June 04, 2011 04:26 PM

The stock market indices ended the week on a sour note with a big gap down at the opening. The vast majority of the losses occurred at that point, particularly on the S&P 500. They did bounce back in the morning, snapped back in what looked like a consolidated fashion, and then rolled over hard in the afternoon, taking the Nasdaq 100 down to 2290 from the morning rally high around 2318. The S&P 500 pulled back from 1310 to just under 1300, but closed right at that level. All the indices closed lower today.

Net on the day, the Dow was down 97.29 at 12,151.26, the S&P 500 down 12.78 at 1300.16, and the Nasdaq 100 down 34.39 at 2292.31.

Advance-declines were a little less that 3 to 1 negative on the New York Stock Exchange and nearly 4 to 1 negative on Nasdaq. Up/down volume was about 4 to 1 negative on New York with total volume about 960 million. Nasdaq traded nearly 1.9 billion and had a 5 1/2 to 1 negative ratio.

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It was a very decidedly negative day to end the week on Wall Street.

TheTechTrader.com board, however, did have a pretty solid day with several point-plus gainers. Leading the way by far today was Air Methods Corp. (AIRM) up 13.39 to close at 73.55. That was the biggest point gainer on our board today.

Among other gainers of note, Quiksilver Inc. (ZQK) rose 67 cents to 5.05, or 15%, on 10.7 million shares. GT Solar International, Inc. (SOLR) was up 1. 52 to 13.54, or 12.6%, on 13.7 million shares, and traded as high as 14 at one point in the day. Ocwen Financial Corp. (OCN) was up 68 cents to 12.50, or nearly 6%, on 2.5 million shares.

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In addition, Oxigene Inc. (OXGN) gained 79 cents to 4.27, or 22.7%, on 5.3 million shares. Spherix Incorporated (SPEXD) advanced 64 cents to 4.00 even, or 19%, on 1.5 million.

Tesla Motors, Inc. (TSLA) was up 1.37 to 30.13, reaching as high as 31.50 at one point, which was a nice gain for that stock.

On the downside there were several large-cap losers, including Amazon.com Inc. (AMZN) down 5.33 to 188.32, Apple Inc. (AAPL) down 2.66 to 343.44, and International Business Machines Corp. (IBM) 1.04 to 165.05. Molycorp, Inc. (MCP) lost 1.82 to 62.20, and LSB Industries Inc. (LXU) 1.35 to 43.71. Orexigen Therapeutics, Inc. (OREX) got hammered on negative drug news, down 1.06 to 2.12, or 33.33%, and OmniVision Technologies Inc. (OVTI) fell 1.08 to 32.70.

Stepping back and reviewing the hourly chart patterns, the indices had a big gap down, and then rallied back only to test resistance. They then rolled over and accelerated in the afternoon, bounced in the last 45 minutes but backed off in the last 15vminutes to close not far off the session lows.

Quite the negative way to end the week at key support on the Nasdaq 100 and just above it on the S&P 500. It looks like they may even head lower from here.

Good Trading!


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