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It Was An Ugly Day On Wall Street Today

 May 30, 2012 09:17 PM
 


(By Harry Boxer) The markets had a difficult session with big gaps down in the morning as European news depressed futures. The stocks then stabilized on the S&P 500 and tripled bottomed near the 2522 level on the Nasdaq 100. The S&P 500, however, kept making lower lows. Finally by midday, they snapped back, with the NDX making new session highs over 2545. However, the S&P 500 could not take out the morning highs, and they both rolled back in late afternoon only to snap back sharply, but in the last 15-20 minutes backed off once again.

Net of the day, the Dow was down 160.83 at 12,419.86, the S&P 500 was down 19.10 at 1313.31, and the Nasdaq 100 down 21.57 at 2537.40.

Advance-declines were 6 to 1 negative on New York, and about 4 to 1 negative on Nasdaq. Up/down volume was 14 to 1 negative on New York, with total volume 750 million shares traded, 50 million up and 704 million down. Nasdaq traded 1.6 billion, and had a 6 to 1 negative volume ratio.

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

TheTechTrader.com board was mostly lower, but there were a couple outstanding issues. Apple Inc. (AAPL) was up 6.90 to 579.17, and Vertex Pharmaceuticals Incorporated (VRTX) gained another 2.38 to 60.18.

In addition, low-priced Neonode, Inc. (NEON) jumped 1.34 to 6.12, or 28%, 4.8 million shares. NCI, Inc. (NCIT) ran up 96 cents to 4.36, or 28%, on 3.4 million shares. The Fresh Market, Inc. (TFM) had a big day, and was up 7.29 to 56.15, or 15%, on 2.2 million shares. Synacor, Inc. (SYNC) also had a big day, and climbed 1.76 to 13.89, or 14 1/2%, on 1.6 million shares.

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The ultra-shorts were strong today. The ProShares Ultra VIX Short-Term Futures ETF (UVXY) jumped 2.32 to 19.57. The Direxion Daily Financial Bear 3X Shares (FAZ) advanced 1.62 to 27.45. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 1.16 to 21.77. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) gained 86 cents to 18.09.

Digital Generation, Inc. (DGIT) on take-over rumors, was up 87 cents to 9.92. EnerSys (ENS) advanced 1.92 to 33.39.

On the downside, Google Inc.


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