The stock market indices had a strong session until midday, when they pulled back and rolled over into the close just like they did the last two days. It's amazing that the patterns are very similar.
The day started out with a gap up, a pullback on the Nasdaq 100 that held the 2707.02 and exploded to 2727. The S&P 500 went from 1397 to 1407 and rolled over into the close, closing at just about 1401. The NDX pulled back to 2714 and closed at 2717.
Net on the day, the Dow was up 51.09 at 13,168.60, about 48 points off its high, giving back about half the gains. The S&P 500 gave back 6 points and closed up 7.12 at 1401.35. The Nasdaq 100 was up 23.07 at 2717.16, 10 points off the high.
Advance-declines were a little less than 2 to 1 positive on New York Stock Exchange, and about 2 to 1 positive on Nasdaq as well. Up/down volume was 5 to 2 positive on New York, with total volume of 719 million shares. Nasdaq traded just under 1.9 billion, and had a 4 to 1 positive volume ratio.
TheTechTrader.com board, as a result, was mostly higher, but again, most of the stocks were off the highs. Leading the way was percentage gainer Crumbs Bake Shop, Inc. (CRMB), on a deal with Starbucks Corporation (SBUX), was up 1.36 to 3.41, or 66%, on 1.4 million shares. BroadSoft, Inc. (BSFT), on strong earnings, closed up 9.55 to 37.45, or 34%, on 7.2 million shares. Fossil, Inc. (FOSL), also on strong earnings, was up 21.98, or 31 1/2%, on 6.9 million shares.
Ducommun Inc. (DCO), on a deal with Bell Helicopter, jumped 2.77 to 12.51, or 28%, on 288 thousand shares. Tumi Holdings, Inc. (TUMI), on strong earnings, gains 4.27 to 22.78, or 23%, on 3.1 million shares.
Other gainers of note included AECOM Technology Corporation (ACM) jumps 2.84 to 18.82, Exterran Holdings, Inc. (EXH) up 2.70 to 18.21, Visteon Corp. (VC) 5.19 to 35.19, Conns Inc. (CONN) 3.03 TO 21.38, Arcos Dorados Holdings Inc. (ARCO) 1.88 to 15.23, and Movado Group, Inc. (MOV) 3.06 to 25.78.
In addition, Cepheid (CPHD) was up 4.54 to 38.70, Multimedia Games Inc. (MGAM) 1.64 to 15.44, Warnaco Group Inc. (WRC) 4.94 to 47.50, Mindray Medical International Limited (MR) 3.61 to 34.96, Plantronics, Inc. (PLT) 3.42 to 36.89, and Chesapeake Energy Corporation (CHK) 1.67 to 19.37. VIVUS Inc. (VVUS) gained 1.96 to 23.18, First Solar, Inc. (FSLR) 1.62 to 20.68, Tesla Motors, Inc. (TSLA) 1.98 to 30.25, and Vitamin Shoppe, Inc. (VSI) 3.81 to 60.52 was among many other multiple point gainers today.
On the downside, Apple Inc. (AAPL) was actually down 1.64 to 620.91, and Google Inc. (GOOG) was down 2.28 to 640.54. However, Priceline.com (PCLN), which had been up as high as 682.97, is down more than 50 points in after hours on disappointing earnings. So that will bring Nasdaq 100 down some as well.
Facebook, Inc. (FB) was down 1.20 to 20.72.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, but couldn't gap up, and then a strong rally got them up to new rally highs for this year. They then rolled over into the close just as they did in the last couple days.
Let's see how it goes tomorrow.
Good Trading!
Harry