Join        Login             Stock Quote

Strong Close Despite Early Weakness In Mixed Session Led By Nasdaq

 November 26, 2012 07:01 PM

The stock market indices had a very strong afternoon move, particularly the Nasdaq 100, which closed in the plus column. The Dow and S&P 500 were not able to make it all the way back, although the S&P 500 did jump 9 points off its low, and still it was down on the session along with the Dow.

The day started out with a gap down. They snapped back to support, formed some wedges, and rolled over, at which point they looked like they were going to collapse. They held support around the 2627 area on the NDX and jumped to 2652 just before the close. The S&P 500 jumped from 1398 to 1406 and closed at the afternoon highs going away. A very strong, late surge in a 5-wave advance in the afternoon took the indices way back up, led by Apple Inc. (AAPL), up 18.03 to 589.53, reaching 590 at one point in the day, and is now 85 points off its low.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

Net on the day, the Dow was down 42.31 at 12,967.37. The S&P 500 was down 2.86 to 1406.29. The Nasdaq 100 closed up 12.08 to 2,651.67.

TheTechTrader.com board had many other gainers today. Low-priced stocks took over. China BAK Battery, Inc. (CBAK) jumped 93 cents to 2.65, or 54%, and Oclaro, Inc. (OCLR) popped 43 cents to 2.09, or 26%, on 1.9 million shares in a late rally.

Other gainers of note included Impac Mortgage Holdings Inc. (IMH), up 1.88 to 14.21, or 15%. Celsion Corp. (CLSN), one of our swing trades, spiked 1.14 to 7.80, or 17%, on 4.3 million shares. 3D Systems Corp. (DDD) advanced 4.81 to 46.55, or 11 1/2%, on 1.5 million shares.

[Related -Apple Inc. (NASDAQ:AAPL): Why Gross Margins Will Expand In 2014 and Beyond?]

In addition, Nam Tai Electronics, Inc. (NTE) was up 1.40 to 15.60, or 10%, on 1.9 million shares. Pandora Media, Inc. (P) gained 74 cents to 8.58, or 10%, on 5.7 million shares.

Smart Balance, Inc (SMBL) was up 94 cents to 11.61, Stratasys Inc. (SSYS) up 5.19 to 75.97, Restoration Hardware Holdings, Inc. (RH) 2.50 to 37.99, Facebook, Inc. (FB) 1.94 to 25.94, on 123 million shares, and Sarepta Therapeutics, Inc. (SRPT) 1.66 to 31.01.

On the downside, the only point-plus loser on our board today was Google Inc. (GOOG), which got hammered for 6.82 to 661.15.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, bounced back and made lower lows by midmorning, only to turn around in a 5-wave advance the rest of the session, and moved back to session highs on the NDX and afternoon highs on the S&P 500.

The indices had very good closes despite the early weakness. We'll see how it goes on tomorrow.

Good Trading!


iOnTheMarket Premium


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

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

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.