The stock market indices had a positive session at the close, but it was quite volatile. The day started out sharply lower, broke support initially on the S&P 500, but not on the Nasdaq 100. When that occurred they rallied very sharply, taking the NDX from 2515 to 2537. The S&P 500 rallied from a low of 1336 up to 1348. They then backed and filled in the afternoon, consolidated, and later attempted a rally, with the S&P 500 reaching 1349, and change. It was a new high for the day, and for the rally, but the NDX was unable to confirm. They rolled over into the close only to bounce right at the bell.
Net on the day, the Dow was up 38.20 at 12,879.26, about 27 points off its high, with the S&P 500 up 2.76 to 1347.09, about 2 points off its high, and the Nasdaq 100 up 3.76 at 2532.06, about 5 points off its high.
Advance-declines were 17 to 13 positive on the New York Stock Exchange, and 13 to 12 negative on Nasdaq. Up/down volume was 36 to 31 positive on New York, with total volume of 600 million shares traded today. Nasdaq traded close to 1 3/4 billion shares and had a 9 1/2 to 8 positive volume ratio.
TheTechTrader.com board, as a result, was mostly higher, but there were some fractional gainers and losses. The leading gainers on our board today were Coinstar Inc. (CSTR) up 6.97 to 57.53, but several points off its high today. Apple Inc. (AAPL) rose 4.86 to 468.83 reaching 469.70, an all-time new high. NCR Corporation (NCR) climbed 2.16 to 21.19, and Rackspace Hosting, Inc (RAX) 1.22 to 49.62, and SolarWinds, Inc. (SWI) 3.08 to 36.36.
Low-priced sector DARA Biosciences, Inc. (DARA) was up 43 cents to 2.03, or 26%; The McClatchy Company (MNI) up 51 cents to 2.75, or 23%, on 5 million shares; Standard Pacific Corp (SPF) 62 cents to 4.67, or 15 1/2% on a generally strong home-building sector; swing trade Smith Micro Software, Inc. (SMSI) up 31 cents to 2.50, or 14%; Pizza Inn Holdings, Inc. (PZZI) 66 cents to 6.12, or 12%; and Key Tronic Corporation (KTCC) 1.00 to 10.20, or 10.8%.
In addition, PHH Corp Common Stock (PHH) was up 1.02 to 13.91, The Scotts Miracle-Gro Co. (SMG) 3.91 to 52.96, and Netlist Inc. (NLST) 29 cents to 4.05.
On the downside, Achillion Pharmaceuticals, Inc. (ACHN) lost another 1.20 to 10.38. Goldman Sachs (GS) was down 1.41 to 115.98, and stuck out like a sore thumb today, while Netflix, Inc. (NFLX) dropped 1.37 to 127.88, and Zoltek Companies Inc. (ZOLT) got hammered for 1.53 to 13.05 today.
Stepping back and reviewing the hourly chart patterns, the indices were down early and sharply, but recovered very sharply to go to new highs for the rally, and then pulled back in the afternoon only to bounce into the last hour, and then pulled back in the last few minutes.
It was still a positive day in general for the indices as the rally continues.
Good Trading!
Harry