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A Comeback, But Technicals Remained Negative

 July 24, 2012 12:35 AM

The week started off on a very negative note as futures were down sharply due to overseas problems in Spain and Greece. The indices not only opened lower, but then plunged sharply to 2550 on the Nasdaq 100 and 1337, and change, on the S&P 500. They had a 5-wave advance the rest of the session that covered a big chunk of the losses.

Net of the day, though, the Dow was still down 101.11 at 12,721.46, about 150 points off its low, the S&P 500 down 12.14 at 1350.52, 13 points off its low, and the Nasdaq 100 down 28.11 at 2589.93, 40 points off the low.

It was a decided comeback, but technicals still remained quite negative.

Advance-declines were more than 3 to 1 negative on New York, and nearly 4 to 1 negative on Nasdaq. Up/down volume was 2 1/2 negative on New York, with total volume of 734 million shares. Nasdaq traded over 1.5 billion, but had a 4 to 1 positive negative ratio, declining volume over advance volume.

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TheTechTrader.com board was mostly lower, however, with Google Inc. (GOOG) bouncing 20 points from 598 to 618, closing at 615.51, up 4.69, it helped Nasdaq 100 recover. Apple Inc. (AAPL) recovered 587.71 to 605.90, before settling in at 603.83, still down 47 cents, but $16 off the low. Other large-cap stocks in Nasdaq 100 stocks came back today.

Very few stocks were up on the day, except ETFs. Three biotech stocks led the way. Galectin Therapeutics, Inc. (GALT) jumped 1.13 to 2.90, or 64%, on 2.5 million shares, a 5600% increase in volume. StemCells Inc. (STEM) was up 34 cents to 1.89, or 22%, on 11.9 million shares. Peregrine Pharmaceuticals Inc. (PPHM) advanced 46 cents to 1.74, or 35%, on 9 million shares.

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Ultra-shorts were positive today, with VelocityShares Daily 2x VIX ST ETN (TVIX) up 47 cents to 3.90, or 14%, on 13 million shares, and ProShares Ultra VIX Short-Term Futures ETF (UVXY) up 94 cents to 8.19, or 13%, on 25 million shares. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) gained 1.19 to 16.28. The iPath S&P 500 VIX ST Futures ETN (VXX) closed up 86 cents to 14.06. The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 91 cents to 19.27, and the Direxion Daily Financial Bear 3X Shares (FAZ) snapped back 61 cents to 23.97.

Other gainers of note included Synacor, Inc. (SYNC) jumped 1.45 to 12.70, or 13%, on 1.5 million shares. Low-priced Kandi Technologies, Corp (KNDI) slowly moved up 37 cents to 4.20, or 10%, on big volume. Horizon Pharma, Inc. (HZNP) gained 50 cents to 7.70, or 7%, on 2.5 million shares.

In addition, Repros Therapeutics Inc. (RPRX) was up 57 cents to 9.41, Zynga, Inc. (ZNGA) up 29 cents to 5.09 on positive news, junior oil Talisman Energy Inc. (TLM) 70 cents to 11.60, and Arena Pharmaceuticals, Inc. (ARNA) 42 cents to 9.94.

Builders were fantastic today. MDC Holdings Inc. (MDC) was up 1.79 to 33.18, among other builders.

Koninklijke Philips Electronics NV (PHG) 1.07 to 20.70. We recommended that this morning and traded it. Sturm, Ruger & Co. Inc. (RGR) gained 1.65 to 44.23, and Hasbro Inc. (HAS) was up 1.35 to 35.19.

On the downside, Goldman Sachs (GS) lost 1.00 to 93.16, International Business Machines Corp. (IBM) was off 1.62 to 190.83, Dunkin' Brands Group, Inc. (DNKN) was down 1.40, Akorn, Inc. (AKRX) 1.17 to 13.73, and VirnetX Holding Corp (VHC) 1.10 to 34.15, Vertex Pharmaceuticals Incorporated (VRTX) 1.50 to 49.77, and VIVUS Inc. (VVUS) 1.76 to 22.39 were some of the leading losers on our board today.

Stepping back and reviewing the hourly chart patterns, the indices gapped down sharply, made lower lows, and then came back all session to close well off the lows, but still, quite negative on the session.

Let's see how it goes tomorrow.

Good Trading!




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