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Indices Edge Lower

 December 14, 2012 12:59 AM
 


The stock market indices suffered some losses today. They were down at the opening, and then rallied nicely early on, but rolled over hard. The NDX dropped from the morning highs and the session highs at 2689 to the afternoon lows at 2643, about 46 points, or a 1 1/2% drop. The S&P 500 dropped from its morning-rally high as well at 1432 down to 1416-7, about 16 points. It was not a pretty sight. In the last half hour they did manage to mount a 15-20 minute rally, only to back off again at the close.

Net on the day, the Dow was down 74.73 at 13,170.72. The S&P 500 was down 9.03 at 1419.45, 12 points off the high . The Nasdaq 100 was down 20.56 at 2654.01, 30 points off the high.

Advance-declines were 21 to 9 negative on the New York Stock Exchange, and 15 to 9 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 647 million shares. Nasdaq traded over 1 3/4 billion and had a 4 to 3 negative plurality.

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TheTechTrader.com board was mixed, but mostly red on the main board. Leading the way to the downside on Nasdaq 100 was Apple Inc. (AAPL), down 9.31 to 529.69, reaching under 526 earlier, so about 4 points off the low and 8 points off the high. Amazon.com Inc. (AMZN) was flat, down 51 cents to 251.25. Google Inc. (GOOG) managed to gain 5.14 to 702.70. Netflix Inc. (NFLX) was up 1.83 to 92.56.

There were quite a few interesting gainers today on our board. Low-priced Oncolytics Biotech Inc. (ONCY) jumped as high as 3.85 at one point in the day, closing at 3.03, up 86 cents, or 40%, on 5.6 million shares, volume increasing 2700%. Telik Inc. (TELK) gained 37 cents to 2.13, or 21%, on 1.8 million shares.

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Paragon Shipping Inc. (PRGN), on financing news, popped 56 cents to 2.60, or 28%. Clearwire Corporation (CLWR), on a potential takeover, gained 41 cents to 3.16, or 15%, on 121 million shares.

Other gainers of note included NII Holdings Inc. (NIHD) up 60 cents to 5.96, or 11%, on 8.2 million shares, and ZAGG Inc. (ZAGG) up 71 cents to 7.82, or 10%, on 2.8 million shares.

Infinity Pharmaceuticals, Inc. (INFI) was up 2.37 to 28.70, Vipshop Holdings Limited (VIPS) up 1.04 to 13.39, Compugen Ltd. (CGEN) 42 cents to 5.53, PhotoMedex, Inc. (PHMD) 85 cents to 14.48, Celsion Corp. (CLSN) 48 cents to 8.83, and Liquidity Services, Inc. (LQDT) 1.93 to 39.77.

Airlines were strong today. United Continental Holdings, Inc. (UAL) was up 1.65 to 23.06, and Delta Air Lines Inc. (DAL) jumped 57 cents to 11.29.

Silver had a fantastic day today, with the ProShares UltraShort Silver (ZSL) up 2.28 to 43.88.

On the downside, there were very few losers. Universal Display Corp. (PANL) was down 1.05 to 25.91, and Onyx Pharmaceuticals, Inc. (ONXX) gave back 1.33 to 80.77.

VelocityShares 3x Long Silver ETN (USLV) dropped 2.95 to 32.71. The Direxion Daily Small Cap Bull 3X Shares (TNA) was down 1.14 to 58.44, and the Direxion Daily Financial Bull 3X Shares (FAS) lost 1.83 to 111.91.

Stepping back and reviewing the hourly chart patterns, the indices were up early, and then they sold off most of the session, until stabilizing late in the afternoon and bouncing back a bit, closing with losses for the session, and breaking initial support as well. The NDX was looking a little rougher than the S&P 500 as key overhead resistance at 2700, once again, detained the rally. Support now at 2640 and 2630 will be watched tomorrow on the Nasdaq 100. On the S&P 500, key support appears to be between 1410 and 1412, and beneath that, 1390-95 zone.

We'll see what happens tomorrow.

Good Trading!

Harry

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