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We Must Be Very Careful In This Zone Here

 May 11, 2012 02:36 AM

The stock market indices had a choppy, sloppy day, and the technicals were mixed as were the indices at the close.

The day started out with a bit of a move up on the S&P 500, but the Nasdaq 100 trailed, and then they sold off. They reached their morning lows just before noon, rallied back in early afternoon to the 4-day declining topsline, but failed there, and rolled over in the last couple hours only to snap back in the last 5 minutes to beef up the gains on the blue chips.

Net of the day, the Dow was up 19.98 at 12,855.04, the S&P 500 up 3.41 at 1357.99, but the Nasdaq 100 was down 5.11 at 2516.24.

Advance-declines were 19 to 11 positive on the New York Stock Exchange, and about 14 to 10 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, total volume 750 million. Nasdaq traded 1.9 billion, and had a 11 to 8 negative plurality.

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TheTechTrader.com board was mostly narrowly mixed, but had some outstanding issues today. Leading the way was Chinese company Feihe International, Inc. (ADY), up 2.87 to 8.74, or 49%, on 3.1 million shares, and reached over 9.00 at one point. Repros Therapeutics Inc. (RPRX) was up 1.32 to 5.50, or 32%, on 1.4 million shares. We traded both of those today. InfoSpace, Inc. (INSP), up 2.38 to 13.36, or 22%, on 2.7 million shares.

Other gainers of note included Quad/Graphics, Inc. (QUAD) up 93 cents to 13.24, Tesla Motors, Inc. (TSLA) up 2.90 to 32.96, Monster Beverage Corporation (MNST) 5.86 to 71.17, Scientific Games Corporation (SGMS) 81 cents to 9.91, Glu Mobile, Inc. (GLUU) 31 cents to 4.57, Patrick Industries Inc. (PATK) 58 cents to 13.55, Pandora Media, Inc. (P) 69 cents to 9.74, MIPS Technologies Inc. (MIPS) 43 cents to 6.61, and Cheniere Energy Partners (CQP) 95 cents to 25.20 were among many other fractional gainers.

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Medivation, Inc. (MDVN) jumped 2.83 to 78.97. C&J Energy Services, Inc. (CJES) gained 1.27 to 19.94. Pharmacyclics Inc. (PCYC) advanced 1.13 to 27.92. Cobalt International Energy, Inc. (CIE) was up 1.07 to 23.54.

Apple Inc. (AAPL) took back 1.34 to 570.52, but was on the low end of the trading range today.

The Direxion Daily Financial Bull 3X Shares (FAS) gained 1.17 to 95.01.

On the downside, losers included Sourcefire, Inc. (FIRE), down 1.43 to 52.92, Allot Communications Ltd. (ALLT) 1.04 to 22.91, Netflix, Inc. (NFLX) 1.93 to 72.41, Universal Display Corp. (PANL) 4.05 to 35.11, and SolarWinds, Inc. (SWI) 1.00 to 44.35.

The ProShares Ultra VIX Short-Term Futures ETF (UVXY) was down 1.03 to 14.42.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up mid-day, back down in the afternoon, and then closed mixed on the session.

It was a non-decisive day, perhaps, they are trying to base here, but if they don't get going soon, this could be nothing more than consolidation before it makes a down-leg. We must be very careful in this zone here as the downtrend may not be finished yet. The pattern on the NDX right now has a multi-session, wide, wedge pattern forming, which is similarly on the S&P 500. If these are not broken out to the upside and rollover, we could see substantially lower levels.

Let's see how it goes tomorrow.

Good Trading!




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