logo
  Join        Login             Stock Quote

A Snapback And 50% Retracement

 September 27, 2012 06:50 PM
 


The stock market indices snapped back today, recovering about a 50% retracement of the previous 2-day sell-off.

The day started out with some backing and filling action, and then they broke out midmorning, ran sharply to resistance, and stalled there. The Nasdaq 100 broke out slightly, getting up to 2827, and the S&P 500 stalled at 1450. Both indices backed off, and backed and filled into the close. The NDX held better than the S&P 500, which backed off into the close.

Net on the day, the Dow was up 72.46 at 13,485.97, 37 points off the high. The S&P 500 was up 13.83 at 1447.15, 3 points off its high. The Nasdaq 100 was up 39.97 at 2821.60, 6 points off its high.

Advance-declines were 3 to 1 positive on New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 5 to 1 positive on New York, with total volume of 620 million shares. Nasdaq traded over 1 2/3 billion, and had a 4 to 1 positive volume ratio.

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

TheTechTrader.com board was mostly higher. The Nasdaq 100 stocks did very well today, with Apple Inc. (AAPL) up 16.14 to 681.32. Amazon Inc. (AMZN) was up 6.92 to 256.59, and Google Inc. (GOOG) jumped 3.04 to 756.50.

Other point-plus gainers of note included Pharmacyclics Inc. (PCYC), up 2.93 to 64.08, Onyx Pharmaceuticals, Inc. (ONXX) up 2.12 to 84.64, Goldman Sachs (GS) 2.15 to 115.23, International Business Machines Corp. (IBM) 1.91 to 205.91, and SolarWinds, Inc. (SWI) 1.85 to 56.34.

The Direxion Daily Small Cap Bull 3X Shares (TNA) was up 2.04 to 62.95 and the Direxion Daily Financial Bull 3X Shares (FAS) gained 2.92 to 106.11.

[Related -International Business Machines Corp. (IBM): What To Watch In Q3 Results?]

There were a lot of percentage gainers on our board today. AspenBio Pharma, Inc. (APPY) was up 90 cents to 2.74, or 49%, on 2.2 million shares. That was a 2500% increase in volume. Royale Energy Inc. (ROYL) jumped 1.07 to 4.32, or 33%, on 6.4 million shares, on positive news on some of their exploratory ventures. Tempur Pedic International Inc. (TPX) gained 3.86 to 30.64, or 14%, on 11.8 million shares.

First Solar, Inc. (FSLR) advanced 2.21 to 23.11, or 10 1/2%, on 14.6 million shares. Progress Software Corp. (PRGS) exploded for 2.07 to 21.23, or 11%, on 1.7 million shares.

Aruba Networks, Inc. (ARUN) was up 1.94 to 22.33, Achillion Pharmaceuticals, Inc. (ACHN) up 81 cents to 10.30, Patrick Industries Inc. (PATK) 96 cents to 14.98, Medivation, Inc. (MDVN) 3.49 to 56.90, and NXP Semiconductors NV (NXPI), a new swing trade, 1.61 to 25.37.

Direxion Daily Gold Miners Bull 3X Shrs (NUGT) shot up 1.41 to 17.94. VelocityShares 3x Long Silver ETN (USLV) jumped 2.48 to 41.49. ProShares Ultra Long DJ-UBS Natural Gas (BOIL) snapped back 2.63 to 49.87.

Gulfport Energy Corp. (GPOR) popped 1.84 to 31.16, and CommVault Systems, Inc. (CVLT) ran up 4.22 to 59.31 today.

Stepping back and reviewing the hourly chart patterns, the indices were a little mixed in the morning, but came onto resistance and ran hard midday into early afternoon. They stalled right at resistance near the declining topsline, lateral price resistance, and declining moving averages. There is some formidable resistance just overhead here. We'll have to see whether this is a technical rebound within a downtrend, or something more substantial.

Let's see how it goes tomorrow.

Good Trading!

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageRussell 2000 Showing Relative Weakness at the New Highs

A quick “Quad Index” Grid shows us that the small-cap Russell 2000 is showing relative strength to the read on...

article imageThe Poster Boy For Liberal Economics Discovers The Tax Factor

Paul Krugman seems to be having a supply-side-economics moment… sort of. Raising taxes, the NY Times read on...

article imageMacroprudential Policy And Distribution Of Risk

There is very little doubt that housing prices and leverage played a strong role in the global financial read on...

article imageIs the World Turning Japanese?

Many really think so, but reality suggests read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.