The stock market indices ended the week on another positive note and closed near the highs for the day and the week. They rallied from the get-go, rising sharply to 1220 on the S&P 500 and near 2310 on the Nasdaq 100, and came down sharply in the morning, much like they did in the last three sessions. They rallied back, but this time they did not get through the high and backed off to retest. At the end of the day, they popped near the highs, closing with solid gains.
Net on the day, the Dow was up 75.91 at 11,509.75, the S&P 500 up 6.90 at 1261.01, and the Nasdaq 100 up 19.53 at 2306.09. All of those were not far off their session highs for the day.
Advance-declines were just slightly positive by about 60 issues on the New York Stock Exchange and by about 160 issues on Nasdaq. Up/down volume was 5 to 4 positive on New York, with total volume of 1.8 billion shares traded today. Nasdaq traded 2.8 billion shares as option expiration day caused some heavy volume today.
TheTechTrader.com board, however, was mixed. There were quite a few losers on the board as well as some outstanding gainers. Large-cap gainers on our board today included Diamond Foods, Inc. (DMND), up 9.07 to 87.30, or 12%, on 2.8 million shares. This stock reached over 90.00 at one point in the day. Molycorp, Inc. (MCP) jumped 2.46 to 53.74, RPX Corporation (RPXC) 1.94 to 22.43, and International Business Machines Corp. (IBM) 2.90 to 172.99.
In addition, however, Hansen Natural Corporation (HANS) jumped another 4.16 to 92.11, Rockwell Collins Inc. (COL) was up 4.07 to 56.21, Under Armour, Inc. (UA) 2.06 to 78.88, eBay Inc. (EBAY) 1.65 to 33.69, and Digital River Inc. (DRIV), which we traded today, up 1.22 to 22.19. Textron Inc. (TXT) gained 1.18 to 18.63.
Also, Revlon, Inc. (REV) came alive and jumped 1.01 to 13.58.
Low-priced China Green Agriculture, Inc. (CGA) was up 81 cents to 6.00 even, or 16%, on over 464,000 shares traded. That's an active day for that stock.
On the downside, the point-plus losers included Youku.com Inc. (YOKU) down 1.02 to 20.08, and InterDigital, Inc. (IDCC) 1.97 to 62.18.
Also, the ultra-short ETFs were all down small fractions today except VelocityShares Daily 2x VIX ST ETN (TVIX), which has broken support and continues lower, down 2.20 to 55.51.
Stepping back and reviewing the hourly chart patterns, the indices were back and forth in wedge-like patterns today, but closed on a positive note near the high for the day going away.
It was a positive session for the week. Let's see how it goes next week.
Good Trading!
Harry