(By Harry Boxer) The stock market started out with a topsy-turvy morning as the indices ran up early, came down hard on economic news that was less than desirable, and then bounced around in wedge formation. They broke out midday, but couldn't get to the highs, backed off to consolidate, and then late in the day, they came on strong with the Nasdaq 100 closing at the day's high, and the S&P 500 not far from it.
Net of the day, the Dow was down 8.70 at 12,871.39, about 76 points off its low, the S&P 500 was up 3.35 at 1365.51, 10 points off its low, and the Nasdaq 100 up 9.31 at 2625.03, 21 points off the low.
So you can see how they came back in the afternoon.
Advance-declines were nearly 21 1/2 to 9 positive on New York, and 16 to 9 positive on Nasdaq. Up/down volume was almost a little under 2 to 1 positive on New York, with total volume of 727 million shares. The Nasdaq traded a little over 1.75 billion, and had a 2 to 1 positive volume ratio.
It was a very positive day as it turned out at the end, but the question was in doubt at the end, and although the S&P 500 did close near the highs for the day, it still has not broken out above key resistance right at this level. If they move up, or gap up, tomorrow, we'll have a key breakout from a major bottoming pattern. Nasdaq 100 needs to get over 2635 to do that, but that's only 10 points.
TheTechTrader.com board was mostly higher at the end of the day. The only stocks that were down were fractionally so other than some of the ultra-shorts. Leading the way in terms of percentage gainers was Tegal Corporation (TGAL), on news of a merger, which was up 1.58 to 5.18, or 44%, on nearly 700,000 shares, which is huge for this stock. Low-priced MEMC Electronic Materials Inc. (WFR) gained 47 cents to 2.64, or 22%, on 18 million shares. ATP Oil & Gas Corp. (ATPG) advanced 65 cents to 4.01, or 19%, on 8.7 million shares. NCI, Inc. (NCIT) ran 71 cents to 4.76, or 18%, 304,000 shares. Alaska Communications (ALSK) gained 32 cents to 2.42, or 15%, on 1.5 million shares. Parkervision Inc. (PRKR) gained 35 cents to 2.73, or 15%, on 1.4 million shares. OCZ Technology Group, Inc. (OCZ) advanced 56 cents to 5.85, or 11%, on 3 million shares.
Acuity Brands, Inc. (AYI) was up 8.06 to 58.97, or 16%, on 1.8 million shares. Theravance Inc. (THRX) jumped 2.49 to 24.71, or 11%, on 1.3 million shares.
Other gainers of note included Green Dot Corporation (GDOT), up 2.13 to 24.25, McMoRan Exploration Co. (MMR) 1.07 to 13.74, Pharmacyclics Inc. (PCYC) 4.67 to 59.28, Multimedia Games Inc. (MGAM) 1.00 to 15.00.
VirnetX Holding Corp (VHC), which we traded today as a swing trade was up 2.85 to 38.10.
Builders FirstSource, Inc. (BLDR) 43 cents to 5.17, NQ Mobile Inc. (NQ) 80 cents to 8.99, Achillion Pharmaceuticals, Inc. (ACHN) 46 cents to 6.66, Smith & Wesson Holding Corporation (SWHC) 58 cents to 8.89, swing trade Idenix Pharmaceuticals Inc. (IDIX) 70 cents to 10.98, Amicus Therapeutics, Inc. (FOLD) 49 cents to 5.99, Exelixis, Inc. (EXEL) 49 cents to 6.02, Constellation Brands Inc. (STZ) 1.75 to 28.81, Incyte Corporation (INCY) up 2.14 to 24.84, and Anika Therapeutics Inc. (ANIK) 1.28 to 14.87.
In addition, the large-cap stocks did well. Apple Inc. (AAPL) jumped 8.52 to 592.52. Amylin Pharmaceuticals, Inc. (AMLN) on a take-over was up 2.50 to 30.71 on 98 million shares. Sourcefire, Inc. (FIRE) gained 1.00 to 52.40. Goldman Sachs (GS) was up 1.27 to 97.13. Onyx Pharmaceuticals, Inc. (ONXX) advanced 1.46 to 67.91. VIVUS Inc. (VVUS) jumped 79 cents to 29.33.
The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.96 to 91.16, and the Direxion Daily Small Cap Bull 3X Shares (TNA) gained 1.81 to 55.68.
On the downside, the only loser on our board more than a point was the ProShares Ultra VIX Short-Term Futures ETF (UVXY), down 1.29 cents to 8.55. That traded almost 24.00 just a few weeks ago.
Stepping back and reviewing the hourly chart patterns, the indices spiked up, spiked down, spiked up, and kept bouncing back and forth in wedge patterns. Finally, they broke out midday, backed off to retest, and then came on at the end of the day to close very well, and very bullishly, as the bulls took control at the end of the day.
Let's see how it goes tomorrow.