The stock market indices had a solid up-day and closed near the session highs and 2010 highs. The day started out with a move up. Then they backed and filled for a couple hours on the Nasdaq 100, but the S&P 500 worked its way higher. By midday they reached a minor peak and then pulled back until early afternoon, only to rally again in the last hour.
Net on the day, the Dow closed up 55.03 at 11,533.16. The S&P 500 gained 7.52 at 1254.60, and Nasdaq 100 rose 11.53 at 2234.57. Both the NDX and SPX closed about a point off their high today.
Advance-declines were 21 to 9 1/2 positive on the New York Stock Exchange and 19 to 7 1/2 positive on Nasdaq. Up/down volume was about 4 to 1 positive on New York withtotal volume of a light 800 million shares. Nasdaq traded 1.6 billion shares and had a nearly 3 to 1 positive volume ratio.
TheTechTrader.com board was mostly higher, with many point-plus gainers. Leading the way today was Molycorp, Inc. (MCP) up 5.18 to 44.43, Amedisys Inc. (AMED) up 3.64 to 32.87, Adobe Systems Inc. (ADBE) 1.75 to 30.93, and low-priced XOMA Ltd. (XOMA) up 1.67 to 4.05, a 70% gain today.
Other gainers of note included Carnival Corporation (CCL) up 1.93 to 45.18, Brigham Exploration Co. (BEXP) 76 cents to 27.70, Allot Communications Ltd. (ALLT) 83 cents to 11.43, and Approach Resources, Inc. (AREX) 1.66 to 23.62. IDT Corporation (IDT) advanced 1.14 to 27.95, Travelzoo Inc. (TZOO) 1.71 to 43.82, Inphi Corporation Common Stock (IPHI) 1.41 to 19.74, Jabil Circuit Inc. (JBL) 1.89 to 19.55, Rare Element Resources Ltd. (REE) 73 cents to 10.28, and China Medical Technologies Inc. (CMED) up 54 cents to 11.74.
Among leading low-priced gainers, Hyperdynamics Corporation (HDY) was up 30 cents to 4.30, Local.com Corp. (LOCM) 38 cents to 6.75, Somaxon Pharmaceuticals, Inc. (SOMX) up 38 cents to 3.18, AudioCodes Ltd. (AUDC) 39 cents to 6.43, Axcelis Technologies Inc. (ACLS) 35 cents to 3.68, and Acura Pharmaceuticals Inc. (ACUR) 81 cents to 3.75. SuperMedia Inc. (SPMD) gained 83 cents to 8.51, Magic Software Enterprises Ltd. (MGIC) 33 cents to 7.15, and Complete Genomics, Inc. (GNOM) 57 cents to 7.46.
In addition, Incyte Corporation (INCY) jumped 1.25 to 16.43, OmniVision Technologies Inc. (OVTI) 1.24 to 30.69, SodaStream International Ltd. (SODA) 2.30 to 34.77, Jazz Pharmaceuticals, Inc. (JAZZ) 45 cents to 19.97, a new high, and CVR Energy, Inc. (CVI) 70 cents to 14.69. Exelixis, Inc. (EXEL) advanced 37 cents to 9.08, Krispy Kreme Doughnuts Inc. (KKD) 53 cents to 8.02, Vanda Pharmaceuticals, Inc. (VNDA) 1.17 to 10.17, SemiLEDs Corporation (LEDS) 4.32 to 30.42, Oncolytics Biotech Inc. (ONCY) 37 cents to 6.79, Onyx Pharmaceuticals Inc. (ONXX) 87 cents to 36.32, QuickLogic Corp. (QUIK) 30 cents to 6.46, RealD Inc. (RLD) 1.16 to 29.79, and Spreadtrum Communications Inc. (SPRD) 91 cents to 18.91.
On the downside, Kandi Technologies Corp (KNDI) dropped 1.42 to 5.28 on a secondary announcement, and ultra-short Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) fell1.01 to 21.94. Those were the only point-plus losers on the board today.
Stepping back and reviewing the hourly chart patterns, the indices basically gapped up, ran up in the morning, consolidated midday, and then ran back again at the end of the day. Despite the fact that the S&P 500 made a new high, the NDX barely made one. However, they did tag new 2010 highs late in the session.
Good Trading!
Harry
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