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Indices Edge Higher On Strong Afternoon Comeback

 February 08, 2012 11:24 PM
 


The stock market indices had a very good comeback in the afternoon after some early weakness. The day started out mostly to the upside, followed by a quick pullback, and then a rally to the session highs in the first 40 minutes, or so. They then rolled over hard, took out some support levels, and appeared to be in danger of a sharp sell-off today. They stabilized late morning, came on strongly and tested key overhead resistance, went through, and stair-stepped their way to the highs for the day going away.

Net on the day, the Dow, which just dipped into negative territory just before the close, managed to gain back 5.75 at 12,883.95. The S&P 500, which came 9 points off its low, and just a few pennies off its high, was up 2.91 to 1349.96. The Nasdaq 100 at 2545.72, just off its high, was up 13.66.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

Advance-declines were 17 to 12 positive on the New York Stock Exchange, and 14 to 11 positive on Nasdaq. Up/down volume was 4 to 3 positive on New York, with total volume of 735 million shares traded today. Nasdaq traded over 1.9 billion shares today, and had a 2 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher, with some big performers today. Apple Inc. (AAPL) jumped 7.85 to 476.68, and closed pennies off its all-time high. It was a big day for Mitek Systems Inc. (MITK) percentage-wise today on good earnings. The stock opened at 9.37 and went to 10.93 today, closing up 1.60 to 10.34, or 18%, on 3 1/4 million shares today. Cobalt International Energy, Inc. (CIE) continues to be strong, up another 1.18 to 23.46,

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

In addition, low-priced Motricity, Inc. (MOTR) jumped 44 cents to 1.74, or 33.85%; Guidance Software, Inc. (GUID) 2.66 to 10.45, or 34%; Calix Inc. (CALX) 2.32 to 10.91, or 27%; low-priced FriendFinder Networks Inc. (FFN) 66 cents to 2.13, or 45%; Avid Technology, Inc. (AVID) 1.91 to 11.89, or 19%; and Buffalo Wild Wings Inc. (BWLD) 12.00 to 82.19, or 17%. BroadVision, Inc. (BVSN) was up another 4.90 to 37.50, or 15%, and Kforce, Inc. (KFRC) 1.33 to 14.34, or 10%.

Also, Glu Mobile, Inc. (GLUU) was up 50 cents to 4.45, Level 3 Communications, Inc. Co (LVLT) up 1.72 to 21.31, and Healthcare Services Group, Inc. (HCSG) 1.42 to 20.42.

These are examples of just some of the stocks on our board today.

On the downside, nothing was down as much as a point today. There were some fractional losses here and there.

We'll see what kind of follow-through we get tomorrow.

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