Solidly in the Green
Posted on February 28, 2012 at 19:11 PM EST
The stock market indices had a nice snapback in the last hour that put them solidly in the green, with the Dow closing over 13,000 today. The day started out with a solid rally after a quick pullback. They the indices took off, reached new highs, consolidated, and made nominal new highs on the Nasdaq 100, but couldn’t do so on the S&P 500. They rolled over midday to retest, giving back about 50% on the NDX and about two-thirds on the S&P 500. They did hold support, and rallied back to new highs for the day on the NDX again to 2635, but the S&P 500 failed to take out the morning highs and backed off a little bit into the close. Still, it was a positive day. Net on the day, the Dow was up 23.61 at 13,005.12. The S&P 500 was up 4.59 to 1372.18, less than a point off the high, and the Nasdaq 100 up 26.70 at 2633.46, closing just a point off the high. A lot of that had to do with Apple Inc. (AAPL) today, closing at all-time highs at the exact high for the day going away, up 9.65 to 535.41, on 21 million shares. TheTechTrader.com board, as a result, was mostly higher. Netflix, Inc. (NFLX) was up 3.91 to 113.32. SodaStream International Ltd. (SODA), one of our swing trades, jumped 2.44 to 47.50 ahead of earnings. Nu Skin Enterprises Inc. (NUS), one of our Top 20 for the year, popped 2.68 to 55.99. Other gainers of note with notable percentage gains included low-priced Alimera Sciences, Inc. (ALIM), which jumped 1.63 to 3.94, or 70 1/2%, on 5.5 million shares. eResearch Technology Inc. (ERT) was up 93 cents to 6.49, or 17%, on 1.7 million. Almaden Minerals, Ltd. (AAU) gained 42 cents to 3.25, or 14 1/2%. Office Depot, Inc. (ODP), which we traded today, was up 57 cents to 3.59, or 18 1/2%, on 18.5 million shares. Another of our day trades today, Domino's Pizza, Inc. (DPZ), exploded up 5.28 to 38.82, or 15.8%, on 5.8 million shares. Sina Corp. (SINA), which we traded earlier today, was up 7.09 to 70.04, or 11 1/4%, on 15.7 million shares. In addition, Chemtura Corp. (CHMT) jumped 1.39 to 15.74 on 2.9 million shares, ChipMOS Technologies (IMOS) 1.01 to 13.07, and Youku.com Inc (YOKU) 2.36 to 25.39. Solazyme, Inc. (SZYM), which we put out a swing trade on, rose 1.21 to 14.34, while Key Tronic Corporation (KTCC) advanced 1.00 to 11.40 and Spreadtrum Communications, Inc. (SPRD) 1.30 to 16.97. Medicis Pharmaceutical (MRX) gained 1.91 to 36.72. Gentex Corporation (GNTX), which we traded today, was up 1.19 to 27.64. Tata Motors Ltd (TTM) added 1.13 to 27.71, and Zhongpin Inc. (HOGS) climbed 51 cents to 11.26. Micron Technology, Inc. (MU) was 32 cents to 8.88 on 68 million shares traded. ZAGG Inc (ZAGG) jumped 96 cents to 11.02, on 5 million shares on strong earnings, and gold stock First Majestic Silver Corp. (AG) was up 1.43 to 21.77 as precious metals had a strong day today. On the downside, there were no losers as much as a point other than VIVUS, Inc. (VVUS), which, after having that big run-up last week, dropped 2.52 to 21.26 on 20.2 million shares today. Stepping back and reviewing the hourly chart patterns, the indices had a strong run to new highs, but by midday they rolled over and retested. However, they did so successfully and came on again to make new highs on the NDX, but not on the SPX, although they did close near the highs for the day going away. We’ll see what happens tomorrow. Good Trading! Harry