logo
  Join        Login             Stock Quote

Another Spectacular Session

 December 18, 2012 11:25 PM
 


The stock market indices had another spectacular session today. The day started out with a gap up, followed by a quick pullback. The indices tested support successfully and then took off, running hard from 2670 to 2708 on the Nasdaq 100 by midday. The S&P 500 ran from 1431 to 1447. In the afternoon, as expected, they backed and filled, consolidated, and formed wedges, but when they couldn't break down they spiked up into the close in the last 15-20 minutes, and closed with spectacular gains.

Net on the day, the Dow was up 115.57 at 13,350.96. The S&P 500 was up 16.43 at 1446.79, a point off the high. The Nasdaq Composite was up 43.93 at 3054.53, 2 points off the high.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on Nasdaq. Up/down volume was nearly 7 to 1 positive on New York, with total volume of more than 800 million shares. Nasdaq traded just under 2 billion and had a 4 to 1 positive volume ratio.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

The Nasdaq generals led the way today. Apple Inc. (AAPL) was up 15.07 to 533.90, and Google Inc. (GOOG) was pretty flat, up 29 cents to 721.07, but Amazon Inc. (AMZN) gained 6.54 to 260.40. Priceline Incorporated (PCLN) was up 15.87 to 632.74, and IBM (IBM) up 2.07 to 195.69.

Goldman Sachs Group (GS), in a strong financial group, was up 4.28 to 127.77, as well as Bank of America Corporation (BAC), which jumped 35 cents to 11.35, on nearly a quarter billion shares traded. ­­­­­­­­­­­­­­Citigroup, Inc. (C) jumped 31 cents to 39.46, on 60 million shares.

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

In addition, Onyx Pharmaceuticals, Inc. (ONXX) was up 2.37 to 80.83, Sarepta Therapeutics, Inc. (SRPT) 1.65 to 26.10, Green Mountain Coffee Roasters Inc. (GMCR) 2.07 to 41.00, and Ellie Mae, Inc. (ELLI) 2.55 to 27.02.

Direxion Daily Small Cap Bull 3X Shares (TNA) jumped 2.59 to 63.31, and the Direxion Daily Financial Bull 3X Shares (FAS) snapped back 4.47 to 121.50.

TheTechTrader.com board had quite a few percent gainers today. Low-priced DragonWave Inc. (DRWI) was up 62 cents to 2.99, or 26%, on 1.2 million shares. Vanda Pharmaceuticals, Inc. (VNDA) advanced 61 cents to 3.83, or 19%, on 4.7 million shares, a 3000% increase in volume. Rosetta Genomics, Ltd. (ROSG) closed up 39 cents to 4.65, or 9%.

Also, Vanda Pharmaceuticals, Inc. (VNDA), which we traded today, gained 2.29 to 19.24, or 13 1/2%, on 6.3 million shares. Goodrich Petroleum Corp. (GDP) popped 1.01 to 9.22, or 12%, on 2.4 million shares. Maxwell Technologies Inc. (MXWL) moved 91 cents to 8.12, or 12 1/2%.

Tronox Incorporated (TROX), which we traded today, was up 1.71 to 19.08. YPF S.A. (YPF) was up 1.18 to 15.81, Cardtronics Inc. (CATM) up 2.17 to 24.64, LogMeIn, Inc. (LOGM) 1.55 to 22.25, and Spreadtrum Communications Inc. (SPRD), which we traded today, 1.25 to 17.94. BJ's Restaurants, Inc. (BJRI) gained 2.15 to 35.19.

Other gainers of note included Carrizo Oil & Gas Inc. (CRZO), up 1.34 to 22.02, along with Stratasys Inc. (SSYS), up 4.28 to 75.27. Rackspace Hosting, Inc. (RAX), on takeover rumors, gained 3.89 to 72.44. Hercules Offshore, Inc. (HERO), which we initiated a swing trade on today, rose 43 cents to 5.82, while Mindspeed Technologies Inc. (MSPD) jumped 34 cents to 4.35.

Cirrus Logic Inc. (CRUS), up 1.15 to 28.44, and USG Corporation (USG), up 1.01 to 28.40, rounded out our gainers for today.

Stepping back and reviewing the hourly chart patterns, the indices rocketed through midday and then consolidated in the afternoon, only to come on again at the close, making new highs for the day at 1448 on the S&P 500, and closing a point below that. More importantly, the NDX broke above resistance at 2700, and the S&P 500 broke above resistance in the 1438-9 zone. So we may be on our way to more extensive gains, although, on the intermediate chart, we're at the top of the channel on the S&P 500 in this zone.

We'll see how it goes on 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 imageGroupon Inc. (GRPN): B. Riley Lowballing with $9 Target?

Groupon Inc. (NASDAQ:GRPN) might be struggling today (what isn’t?), but don’t expect the stock to stay down read on...

article imageWells Fargo & Company (NYSE:WFC) Q2 Earnings Preview: July’s Perfect Track Record

Wells Fargo & Company (NYSE:WFC) is scheduled to announce its second quarter 2014 earnings on Friday, July read on...

article imageAmerican Apparel Inc. (APP) and International Stem Cell Corp (ISCO): Trading Under $1 with Seven Figure I

Admittedly, it was difficult to pick one of the 30 that stood out compared to the other 29. So, instead of read on...

article imageCanadian Solar Inc. (CSIQ): Going to $40 Says FBR capital

On an otherwise red day, Canadian Solar Inc. (NASDAQ:CSIQ) is bobbing higher, up nearly 1% as we type. 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.