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Nasdaq Reverses Course To Lead In Mixed Session

 January 17, 2013 12:07 AM

The stock market indices had an interesting session and closed mixed. The overall pattern for the last several sessions shows that we've basically been in a big consolidation with a big run-up we had a couple weeks ago.

The day started out with a slight move lower, and then they held support and rallied sharply to test resistance. The S&P 500 and Nasdaq 100 backed off and consolidated but held at midday, retested, and then went to new highs for the session, and new, 2-day highs on Nasdaq 100. Apple Inc. (AAPL) rebounded sharply, reaching 506.09 this morning, up 20.16.

In addition, Goldman Sachs Group, Inc. (GS), on earnings, was up 5.50 to 141.09, and Priceline Incorporated (PCLN) up 4.49 to 667.84, despite Amazon.com Inc. (AMZN) being down 2.97 to 268.93 and Google Inc. (GOOG) down 9.74 to 715.19.

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That's what caused a mixed, but positive finish on the Nasdaq 100.

Chipotle Mexican Grill, Inc., (CMG), after earnings, got slam-dunked today. It was down 16.38 to 280.94, or 5 1/2%, on 3 million shares. That was 14 points off the low today, so it recovered about half its losses. But having broken down from a 2-month rising wedge, that could be a bearish indication of lower levels to come on that one.

In the afternoon, they rallied to nominal-new, 5-year highs at 1474 on the S&P 500, but far from it on the NDX, reaching only 2742, and they took back the last hour.

Net on the day, the Dow was down 23.66 at 13,511.23. The S&P 500 was up .29 at 1472.63, just 1 1/2 points off the high, but 5 off the low. The Nasdaq 100 was up 11.75 at 2734.73, 8 points off the high, and 13 points off the low.

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Technicals were slightly lower, and advance-declines were 16 to 13 negative on the New York Stock Exchange, and 14 to 10 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume a very light 585 million shares. Nasdaq traded just under 1.7 billion, and had a slightly positive plurality on advancing volume over declining positive.

TheTechTrader.com board, was mixed, but leading the way on the upside was ClearOne, Inc. (CLRO), up 2.35 to 6.78, or 53% on 1.4 million shares, a 6300% increase in volume. Hyperion Therapeutics, Inc. (HPTX) was up 2.32 to 14.32, or 19%, on nearly a half million shares. Christopher & Banks Corporation (CBK) gained 74 cents to 6.41, or 13%, on 2.4 million shares. Unilife Corporation (UNIS) advanced 29 cents to 2.55, or 13%, on 1.2 million shares.

Other gainers of note included Uni-Pixel, Inc. (UNXL), one of our favorites, up 1.42 to 17.77. Constant Contact, Inc. (CTCT) added 1.05 to 15.14, Alnylam Pharmaceuticals, Inc. (ALNY) 2.01 to 22.14, Five Below, Inc. (FIVE) 2.57 to 34.40, and Constellation Brands Inc. (STZ) 2.24 to 38.65,

Cabela's Incorporated (CAB) rose 2.87 to 49.75, and Cirrus Logic Inc. (CRUS), an AAPL supplier, 1.57 to 29.52. rue21, Inc. (RUE) gained 1.14 to 29.98, NXP Semiconductors NV (NXPI) 1.01 to 29.30, and Genworth Financial Inc. (GNW), on earnings, 72 cents to 8.85.

On the downside, there were no point losers, other than the ones we already mentioned earlier.

Stepping back and reviewing the hourly chart patterns, the indices were down early, but rallied sharply in the morning, consolidated until midday. They then retested and rallied to session highs with an hour to go, but rolled over into the close to pare back the gains, closing mixed on the session.

It was another consolidation day. We'll see what the indices want to do with Nasdaq 100 still trailing, but playing catch-up today.

Good Trading!


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