The stock market indices after last week’s big move had somewhat of a consolidation day in the blue chips, and yet a minor follow-through day on the Nasdaq 100 as several of the large-cap stocks, including Netflix, Inc. (NFLX), had big runs today. Netflix jumped 21.64 today, or 8%, to new all-time highs on positive news.
The day started out down early in the morning, up by midday, back down hard on negative news from Portugal in early afternoon, but that held, and then they bounced sharply to retest the highs only to pull back into the close. There were eight directional moves intraday, though just a 7-point range on the S&P 500, which had lows around 1334 and highs around 1341.
Net on the day, the Dow was down 12.90 at 12,569.87 and the S&P 500 down 1.79 at 1337.88, but Nasdaq 100 was up 9.82 at 2371.21.
Advance-declines were nearly flat with just 38 more decliners than advancers on the New York Stock Exchange, and only 33 more decliners than advancers on Nasdaq. Up/down volume was about 5 to 3 negative on New York on total volume of about 900 million, and Nasdaq traded 1.5 billion shares and had a less than 8 to 7 negative volume ratio.
Today could best be described as a consolidation day, although several individual stocks made strong moves today. Apple Inc. (AAPL) rose 6.17 to 349.43, Amazon.com Inc. (AMZN) 3.70 to 213.19, SodaStream International Ltd. (SODA) 2.23 to 70.40, and Google (GOOG) 11.41 to 532.44.
TheTechTrader.com had several gainers today as well. Leaders included some of the low-priced junior oils. Abraxas Petroleum Corp. (AXAS) was up 38 cents to 4.15, Kodiak Oil & Gas Corp. (KOG) 48 cents to 6.39, Brigham Exploration Co. (BEXP) 38 cents to 31.01, and Northern Oil and Gas, Inc. (NOG) 37 cents to 22.35.
Among other gainers of note, Coffee Holding Co. Inc. (JVA) had a big reversal today. It jumped 3.50 at one point to 21.23, but came all the way down, closing at 18.63, up 1.13. Rediff.com India Ltd. (REDF) gained 1.88 to 11.24 in a very strong gain there. Sequans Communications S.A. Ame (SQNS) advanced 1.74 to 16.29, VirnetX Holding Corp (VHC) 2.17 to 32.64, Youku.com Inc (YOKU) 1.32 to 37.79, and Travelzoo Inc. (TZOO) 5.80 to 73.13.
In addition, low-priced TeamStaff, Inc. (TSTF) gained 34 cents to 1.33, or 35%. RXi Pharmaceuticals Corporation (RXII) added19 cents to 1.26, or 18%. Zalicus Inc. (ZLCS) jumped 30 cents to 2.63, or 13%. China New Borun Corporation (BORN) closed up 64 cents to 5.89, or 12%, and Noah Holdings Limited (NOAH) 1.60 to 14.08, or 13%.
Stepping back and reviewing the hourly chart patterns, the indices were back and forth all day on the S&P 500, and slightly upward on Nasdaq, and, as a result, the NDX closed up while the blue chips closed a little bit lower.
However, considering last week’s gain, today was an excellent consolidation day.
Good Trading!
Harry
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