Join        Login             Stock Quote

Rally Rolls On, As Key Support Holds

 February 23, 2012 07:19 PM

The stock market indices had an up day today, although the day started out with a plunge to the downside. They took out immediate support, but quickly reversed and rallied sharply, with the Nasdaq 100 jumping from 2570 to 2598. The S&P 500 thrust from 1352 to 1362, and then they rolled over in the afternoon to retest, with the NDX coming down much harder than the S&P 500, which held up much better. They reversed in mid-afternoon and rallied back, and closed just off the highs for the day going away as a last-minute pullback brought them off the session highs.

Net on the day, the Dow was up 46.02 at 12,984.69, with a high just under 13,000 at 12,997. The S&P 500 was up 5.80 to 1363.46, just a point off the high, and the Nasdaq 100 up 15.15 at 2594.93, less than 4 points off its high.

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

Advance-declines moved solidly into the plus column, with 2162 up and 843 on the New York Stock Exchange, and 18 to 7 positive on Nasdaq. Up/down volume was 5 to 2 positive on New York, with total volume of 750 million shares traded today. Nasdaq traded about 1.75 billion shares, and had a 12 1/2 to 5 positive volume ratio.

TheTechTrader.com board, as a result, was mostly higher. Leading the way, VIVUS, Inc. (VVUS), on a drug approval, exploded past 21, but closed at 18.73, up 8.18, or 77 1/2%, on 58.6 million shares. Sears Holdings Corporation (SHLD), after the announcement of the sale of several of their stores, was up 9.72 to 61.80, or 18.66% today. Smart Balance Inc (SMBL) gained 1.25 to 6.90, or 22%, on 1.9 million shares. Exterran Holdings (EXH) advanced 2.33 to 14.44, or 19%, on 4.2 million shares.

[Related -International Business Machines Corp. (IBM): What To Watch In Q3 Results?]

Orexigen Therapeutics, Inc. (OREX) in sympathy with VIVUS jumped 45 cents to 3.66, or 14%, on 14.1 million shares. Metro PCS Communications, Inc. (PCS) added 1.42 to 11.70, or 13.8%, on 4.4 million shares, and Smith Micro Software, Inc. (SMSI) had a nice snapback move, up 33 cents to 2.65, or 14%. 3D Systems Corp (DDD) was up 2.38 to 23.31, Level 3 Communications, Inc. Co (LVLT) 2.62 to 23.51, BroadVision, Inc.

Next Page >>12


Comments Closed

rss feed

Latest Stories

article imageWorld Growth: Mediocre or Pathetic?

The recent disappointing performance of the world economy has been labelled as the "new mediocre" by read on...

article imageSurvey Data For US Services Sector Hint At Mild Q2 Rebound

Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a read on...

article imageADP: US Job Growth Stumbled In April

Employment growth at US companies slowed in April to the weakest gain in three years, according to this read on...

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.