Join        Login             Stock Quote

Solid Session Despite Late Sell-Off

 January 17, 2013 06:58 PM

The stock market indices had an up-day, but gave back a chunk of their gains in the last hour.

The day started out with a very steady, sharp move up, and stair-stepped its way up on the S&P 500, but the Nasdaq 100 stalled midday and couldn't break out. Finally, when it did and took out 2750, running up to 2757, the S&P 500 ran to 1485. The indices double-topped, stalled in that area, and then rolled over in the last hour, with the NDX losing 10 and the S&P 500 backing off about 4.

Net on the day, still the Dow was up 84.79 at 13,596.02, 37 points off the high. The S&P 500 was up 8.31 at 1480.94, 4 points off the high. The Nasdaq 100 was up 12.42 at 2747.15, 9 points off its high despite the fact that Apple Inc. (AAPL), Google Inc. (GOOG), and several other stocks were lower. AAPL was down 3.41 to 502.68, and GOOG lost 3.87 to 711.32. Nothing major, but still it certainly didn't help today.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

Advance-declines were almost 3 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York, and Nasdaq had a 3 to 1 positive volume ratio.

TheTechTrader.com board included such stocks as Ellie Mae, Inc. (ELLI) up 1.47 to 27.17, Green Mountain Coffee Roasters Inc. (GMCR) up 1.63 to 40.88, and Pharmacyclics Inc. (PCYC) up 1.27 to 68.37.

China Auto Logistic Inc. (CALI) jumped 1.13 to 3.70, or 44%. CBS Corporation (CBS) rose 3.01 to 40.95, on 35 million shares.

Other gainers of note included Etablissements Delhaize Fr (DEG) up 4.20 to 46.70, Impac Mortgage Holdings Inc. (IMH) up 1.04 to 12.99 on light volume, Nu Skin Enterprises Inc. (NUS) 3.24 to 45.74, SolarCity Corporation (SCTY) 1.23 to 15.21, Tangoe, Inc. (TNGO) 1.06 to 15.45, ASML Holding NV (ASML) 4.53 to 68.35, Sony Corporation (SNE) 71 cents to 11.91, Donaldson Company, Inc. (DCI) 1.92 to 36.60, and Trex Co. Inc. (TREX) 1.72 to 40.69.

[Related -Apple Inc. (NASDAQ:AAPL): Why Gross Margins Will Expand In 2014 and Beyond?]

On the downside, in addition to those already mentioned, Onyx Pharmaceuticals, Inc. (ONXX) was down 1.43 to 77.85, and Uni-Pixel, Inc. (UNXL) dropped 1.59 to 16.18.

Stepping back and reviewing the hourly chart patterns, the indices were up early and stair-stepped their way higher all day until the last hour on the S&P 500. But the NDX stalled midday, although it did finally break out in the afternoon to reach a new, multi-month high. The S&P 500 tagged 1485, a new 5-year high, and backed off to 1481. Nevertheless, it was a positive day with good technicals -- a very solid session, despite the late selloff.

We'll see how it goes on tomorrow.

Good Trading!




Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageHas Warren Buffett Found The Best Investment In Oil?

Shares of oil stocks plunged again as the price of West Texas Intermediate wiped out nearly half of its read on...

article imageDemand For Safe-Haven Bonds Surged Last Week

The crowd piled into investment-grade bonds last week as economic worries triggered an exodus out of risky read on...

article imageThoughts on MetLife and AIG

In some ways, this is a boring time in insurance investing.  A lot of companies seem cheap on a book and/or read on...

article imageA 2016 Recession Would Be Different

If the US or the Eurozone entered a recession this year, a few macroeconomic variables would look very read on...

Popular Articles

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.