Join        Login             Stock Quote

Definitive Down Day

 April 04, 2012 09:05 PM

The stock market indices had a definitive-down day. The technicals confirmed with a big gap to the downside, a little bounce, followed by a very sharp sell-off that took them to the lows for the day by mid-day. The indices fell under 2730 on the Nasdaq and to 1394 on the S&P 500. At that point, the NDX was down more than 50 points, but then rallied back, running from 2720 to 2750, and the S&P 500 rallied from 1394 to 1401. They pulled back in the last 5 minutes to close negative on the session.

Net on the day, the Dow was down 124.80 at 13,074.33, the S&P 500 down 14.42 to 1398.96, and the Nasdaq 100 down 37.78 at 2745.00.

Advance-declines were about 5 to 1 negative on the New York Stock Exchange, and 4 to 1 negative on Nasdaq. Up/down volume was nearly 4 to 1 negative on New York, with total volume of 820 million shares traded today. Nasdaq traded about 1.8 billion shares and had a 8 to 1 negative volume ratio.

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

TheTechTrader.com board was nearly all negative today. Leading the way down, Apple Inc. (AAPL) dropped 5.01 to 624.31. Goldman Sachs (GS) lost 2.75 to 119.96. International Business Machines Corp. (IBM) was down 3.45 to 206.05. Netflix, Inc. (NFLX) fell another 2.70 to 110.26, and Rackspace Hosting, Inc (RAX) lost 2.41 to 56.53.

There were several very big gainers today. They included Cleantech Solutions International, Inc. (CLNT), which we traded today. It exploded 3.47 to 5.67, or an amazing 157.8%, 3.9 million shares. THT Heat Transfer Technology, Inc. (THTI) jumped 1.03 to 2.31, or 80 1/2%, on 1.8 million shares. Recon Technology, Ltd. (RCON) ran up 1.04 to 3.13, or 49 1/2%, on 1.5 million shares. SmartHeat Inc. (HEAT) climbed 2.43 to 7.68, or 46%, on 12.3 million shares. Magal Security Systems (MAGS) was up 87 cents to 5.43, or 19%, on 6.2 million shares. LiveDeal, Inc. (LIVE) jumped 82 cents to 4.94, or 20%.

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

Other gainers of note included American International Group, Inc. (AIG) up 1.65 to 32.52, Liquidity Services, Inc. (LQDT) 2.47 to 46.71, Polypore International Inc. (PPO) 1.53 to 37.03, Embraer SA (ERJ) 1.41 to 33.52, and Guidewire Software, Inc. (GWRE) 1.21 to 29.23.

On the downside, the Direxion Daily Financial Bull 3X Shares (FAS) got hammered for 4.85 to 105.50, and the Direxion Daily Small Cap Bull 3X Shares (TNA) dropped 3.15 to 60.30.

Stepping back and reviewing the hourly chart patterns, the indices had a big gap down and hard, and by mid-day reached the lows for the day. When the S&P 500 failed to confirm the new NDX mid-day lows, a rally occurred, although they did back them off into the close in the last 10 minutes.

Unfortunately, they did crack some support today, and the rally back didn't get above it. We'll see if this is just simply a technical snapback, and we're going lower. It sure appears that way to me.

Good Trading!


iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and 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.