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Sloppy Session Ends Slightly Lower
Posted on March 02, 2012 at 17:56 PM EST
The stock market indices had a sloppy session today, and ended up slightly lower, but it could have been a lot worse. By midday, they were sharply lower and threatening to take out support. The S&P 500 did, slightly, and Nasdaq 100 did not confirm. When that occurred, they rallied back, reaching the afternoon highs with about a half hour to go. They then rolled over into the close to take back a little bit of the rally, but because of that they ended up slightly in the red. Net on the day, the Dow was down just 2.73 at 12,977.57, 50 points off the low, but 20 points off its high. The S&P 500 was down 4.46 at 1377.06, 5 points off its high and 3 points off its low, mid-range there. The Nasdaq 100 was off just 1.96 at 2641.58, 8 points off its low and 9 points off its high, also mid-range. It was a mixed session as well as a Friday profit-taking, consolidation-type session. Advance-declines were 2 to 1 negative on eclines over advances on the New York Stock Exchange, and nearly 2 1/2 to 1 negative on Nasdaq. Up/down volume was about 2 to 1 negative on New York, with total volume of about 700 million shares traded today. Nasdaq traded about 1.7 billion shares and had a 5 to 3 negative volume ratio. TheTechTrader.com was narrowly mixed, and there were a few outstanding gainers today. Leading the way was low-priced Sino Clean Energy Inc. (SCEI), which we traded this morning, jumping 64 cents to 2.76, or 30%, on 6.3 million shares. Shutterfly, Inc. (SFLY), which we also traded, gapped up and ran 4.47 to 31.38, or 17%, on 8.8 million shares as a result of solid earnings report. In addition, HiSoft Technology International (HSFT) was up 1.91 to 15.84, or almost 14%. Omeros Corporation (OMER) jumped 65 cents to 7.89, or 9%. Sears Holdings Corporation (SHLD) ran up 7.00 to 76.04, or 10%. Fusion-io Inc. (FIO) jumped 2.55 to 32.25, or 9%. BroadVision, Inc. (BVSN) continues its assult, up 2.25 to 44.94. Sara Lee Corporation (SLE) gained 1.44 to 21.83. Focus Media (FMCN) took back 1.71 to 26.23. Youku Inc. (YOKU) ran 1.32 to 26.02. Ascena Retail Group, Inc. (ASNA) rose 2.15 to 41.20, while Seaspan Corporation Seaspan (SSW) added 97 cents to 19.48, Qihoo 360 Technology Co. Ltd. A (QIHU) was up 1.10 to 22.10, Michael Kors Holdings (KORS), a recent new issue IPO, was up 2.26 to 47.95. The Internet sector did well today, with Yandex (YNDX), a Russian Internet company, up 1.63 to 23.23, and Sina Corp. (SINA), the Chinese Internet company, up 4.84 to 74.60, on 10 million shares today. Also, Mitek Systems, Inc. (MITK) advanced 58 cents to 11.63, up 5% today. On the downside, The Goldman Sachs Group, Inc. (GS) lost 1.17 to 119.96 and Stamps.com Inc. (STMP) dropped 1.21 to 24.67. Those were the only point-plus losers on our board today, other than a few ultra-longs. The Direxion Daily Small Cap Bull 3X Shares (TNA) gave back 2.62 to 56.73, and the Direxion Daily Financial Bull 3X Shares (FAS) was down 1.39 to 93.02. Stepping back and reviewing the hourly chart patterns, the indices were up early, double-topped, rolled over hard midday, and held on the NDX, but made slightly lower lows beneath support on the S&P 500. However, the S&P 500 was able to come back along with the NDX and close just marginally lower on the session. It was not a bad way to close out the week, considering all the movement up in the early part of the week. We’ll see what happens next week. Good Trading! Harry
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