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Indices Roll Over

 December 08, 2011 07:22 PM
 


The stock market indices had a very difficult session today, opening lower, and then stair-stepping their way down most of the day. In the last hour they rallied back sharply, but rolled over on some negative news from Europe, and closed near the lows for the day going away. In the last couple minutes they bounced off the spike lows that kept them from closing at the exact lows of the day.

Net on the day, the Dow closed just under 12,000 at 11,997.70, down 198.67, about 30 points off the low. The S&P 500 was down 26.66 at 1234.35, about 3 points off its low, and the Nasdaq 100 was down 37.95 at 2282.59, 4 points off its low.

Advance-declines were about 26 to 4 negative on the New York Stock Exchange, and 21 1/2 to 3 1/2 on Nasdaq. Those were very wide ratios. Up/down volume on New York was horrendous, with 900 million down and only 7 million up. Nasdaq had 1.56 billion down and 240 million up, and a 7 to 1 negative volume ratio.

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

It was a very, very negative day on Wall Street. However, in spite of such a down day, Apple Inc. (AAPL) was up 1.57 to 390.66 today.

TheTechTrader.com board, as a result, had quite a few losers, but there were some gainers today. On the plus side Affymax, Inc. (AFFY) had a big day, up 2.12 to 7.98, or 36%, on 21 million shares. That's enormous volume for that stock. E-Commerce China Dangdang Inc. (DANG) jumped 92 cents to 5.57, or 20%, and Central European Distribution Corp. (CEDC) was up 96 cents to 6.07, or 19%.

[Related -Netflix, Inc. (NFLX) Q4 Earnings Preview: What To Watch?]

In addition, G-III Apparel Group, Ltd. (GIII) jumped 3.66 to 24.02, Coinstar Inc. (CSTR) was up 3.45 to 47.45, Spreadtrum Communications Inc. (SPRD) 1.89 to 22.61, Groupon, Inc. (GRPN) 1.12 to 22.27, and SodaStream International Ltd. (SODA) 83 cents to 35.96.

The ultra-shorts had a very good day.


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