logo
  Join        Login             Stock Quote

Tough, Volatile Session Ends Lower

 November 27, 2012 10:19 PM
 


The stock market indices had a tough volatile session. However, the day ended at the lows for the day near key support of the last three sessions. So tomorrow will be a key day to see whether it will hold key support or not.

The day started out with a pop to the upside, and then a very sharp sell-off ensued. Just as sharp, they had a snapback to new highs, but the S&P 500 was unable to get through that level and indicated at that time that it could be seeing a negative divergence. Sure enough, the indices sold off sharply, particularly on Harry Reid's comments regarding little progress that has been made among both the Democrats and Republicans in resolving the fiscal cliff. There was a sharp sell-off, which then rebounded to about a 50% retracement, but then rolled over into the close to end near the session lows going away.

[Related -Level Watching and Swing Trade Planning for Amazon (AMZN)]

Net on the day, the Dow was down 89.24 at 12,878.13, 10 points off the low. The S&P 500 was down 7.35 at 1398.94, not far off the low for the day. The Nasdaq 100 was down 10.25 at 2641.42, about 4 points off its low and 18 points off its high.

TheTechTrader board was mixed today, and despite Google Inc. (GOOG) being up 9.56 to 670.71, Apple Inc. (AAPL) was down 4.75 to 584.78. Goldman Sachs Group, Inc. (GS) fell 2.53 to 118.41, and International Business Machines Corporation (IBM) dropped 1.65 to 191.23. Amazon Inc. (AMZN) was nearly flat, down 22 cents to 243.40.

Other losers of note included Sarepta Therapeutics, Inc. (SRPT), which ran all the way up to 31.87, reached our swing trade target, and then rolled over to 28.75, down 2.26, a big reversal day. Research In Motion Limited (RIMM) also tagged our swing trade target before dropping by 1.26 to 10.72, on 84 million shares on a reversal day.

[Related -Boost Your Dividend Yield]

Gainers included ACADIA Pharmaceuticals Inc. (ACAD), on positive drug approval, jumped 3.13 to 5.43, or 136%, on 60 million shares. Immersion Corporation (IMMR) was up 1.63 higher to 6.32, and reached 6.39, or 35%, on 1.2 million shares. Peregrine Pharmaceuticals, Inc. (PPHM) popped 24 cents to 1.14, or 27%, on 10.8 million shares.

In addition, there were a lot of strong junior biotech stocks today. Transcept Pharmaceuticals, Inc. (TSPT) jumped 62 cents to 5.31, or 13%. Amicus Therapeutics, Inc. (FOLD) gained 60 cents to 5.51, or 12%, on 1.2 million shares.

Apogee Enterprises, Inc. (APOG) was up 2.17 to 22.92, Crocs, Inc. (CROX) up 1.14 to 13.49, BroadSoft, Inc. (BSFT) 2.40 to 32.53, Yelp, Inc. (YELP) 1.25 to 20.24, Las Vegas Sands Corp. (LVS) 2.33 to 46.36, Medifast Inc. (MED) 2.05 to 31.50, and Generac Holdings Inc. (GNRC) 1.94 to 33.95.

Corning Inc. (GLW) was up 78 cents to 12.13, Smart Balance, Inc (SMBL) up 87 cents to 12.48, Acme Packet, Inc. (APKT) 91 cents to 19.97, Amarin Corporation plc (AMRN) 64 cents to 12.13, First Solar, Inc. (FSLR) 97 cents to 26.28, and Green Mountain Coffee Roasters Inc. (GMCR), after strong earnings, closed up 34 cents to 28.95, but is trading over 34 1/2 in the aftermarket, nearly 6 points higher.

Stepping back and reviewing the hourly chart patterns, the indices were up early, then went down hard midmorning, rallied to new highs in the afternoon on the NDX, but couldn't do so on the S&P 500. When that occurred, they rolled over, bounced, and then rolled over again to close at the afternoon and session, 2-day lows at key support at 1398 on the S&P 500.

We'll see if there's a downside break, or whether they hold it here tomorrow. Either way, it's a key day tomorrow.

Good Trading!

Harry

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 imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the 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.