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Volatile, Consolidating-Type Session

 November 29, 2012 06:27 PM

The stock market indices had a very volatile, consolidating-type session.

The day started out with a gap up. The indices ran hard to near resistance just under 2690 NDX and just under 1420 on the S&P 500. They came down in a 3-wave decline, the 3rd wave having a very sharp pullback that filled the entire gap on the Nasdaq 100 and tested key support at 1309 on the S&P 500. They then rallied back in 5-wave moves back up to the morning snapback highs, couldn't get through, and rolled over with a bounce just before the close. A last 15-minute pullback once again brought them back down to earth, but with a positive close on the day.

Net on the day, the Dow was up 40.93 at 13,026.04. The S&P 500 was up 6.31 at 1416.24. The Nasdaq 100 was up 15.12 at 2680.39.

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Advance-declines were a little less than 3 to 1 positive on the New York Stock Exchange, and the same on Nasdaq. Up/down volume was better than 3 to 1 positive on New York, with total volume of 640 million shares. Nasdaq traded over 1.7 billion and nearly had a 3 to 1 positive volume ratio, advancing volume over declining volume.

It was a very good day technically despite the lack of price progress. However, a lot of individual stocks we follow did well today.

TheTechTrader.com board was mostly higher. Apple Inc. (AAPL) was up 6.42 to 589.36, Google Inc. (GOOG) jumped 8.22 to 691.89, and Amazon.com Inc. (AMZN) popped 4.16 to 251.27. Those market generals led the Nasdaq 100 higher.

Other gainers of note on our board today included China HGS Real Estate Inc. (HGSH), up 1.45 to 4.35, or 50%, 2000% more volume, on nearly a million shares. Low-priced THQ Inc. (THQI), a video game developer, spiked 41 cents to 1.49, or 38%, on 1.3 million shares. Low-priced Acura Pharmaceuticals Inc. (ACUR) gained 53 cents to 1.95, or 37%, on 1.6 million shares. Coldwater Creek Inc. (CWTR), which we traded today, advanced 86 cents to 5.73, or 18%, on 1.4 million shares. James River Coal Co. (JRCC) ran 33 cents to 3.54, or 10%, on 4.5 million shares.

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Infoblox Inc. (BLOX), which develops, markets, and sells automated network control solutions worldwide, closed up 4.12 to 18.07, or 30%, on 4.1 million shares. Semtech Corporation (SMTC) jumped 2.94 to 27.86, or 12%, on 2.6 million shares.

In addition, McMoRan Exploration Co. (MMR) was up 71 cents to 8.90, Hercules Offshore, Inc. (HERO) up 38 cents to 5.03, New Oriental Education & Technology Group (EDU) 1.60 to 20.96, Aruba Networks, Inc. (ARUN) 1.35 to 19.83, and Pandora Media, Inc. (P) 61 cents to 8.79.

Molycorp, Inc. (MCP) was up 59 cents to 8.81, Zipcar, Inc. (ZIP) up 53 cents to 8.29, VirnetX Holding Corp (VHC) 2.10 to 33.84, Tata Motors Limited (TTM) 1.39 to 25.60, Express Inc. (EXPR) 72 cents to 14.87, Jazz Pharmaceuticals plc (JAZZ) 2.15 to 53.58, Ariad Pharmaceuticals Inc. (ARIA) 1.03 to 22.56, Stewart Information Services Corporation (STC) 1.22 to 27.57, Medivation, Inc. (MDVN) 2.06 to 52.02, and The Kroger Co. (KR) 1.20 to 26.26 on good earnings.

VelocityShares 3x Long Silver ETN (USLV) gained 1.71 to 38.64.

On the downside, the only point-plus loser on our board today was the ProShares UltraShort Silver (ZSL), down 1.31 to 39.86.

Stepping back and reviewing the hourly chart patterns, the indices were choppy and moved in 10 different directions today, gapping up at the opening, coming down hard midmorning, and then rallying back in the afternoon, only to fall back near the close. But net-net it was a positive day for the indices, and a positive consolidation day, indeed. After the run-up we've had of late, the market continues to act well and had broken another key resistance level today at the 1409-10 range on the S&P 500 and held above it all session.

Let's see what happens tomorrow.

Good Trading!




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