The stock market indices suffered a down day with big gaps to the downside this morning on negative news out of Europe. They then rallied over the next few hours until midday when they reached an apex of a rising wedge that looked bearish. Indeed, they turned down from there, and came down in a 3-wave decline to test the lows for the day. In the last 30-40 minutes, they rallied backed up potentially on short-covering into the close, and pared back the losses. Net on the day, the Dow was down 89.69 at 12,800.85, the S&P 500 down 9.37 to 1342.64, 5 points off its low, and the Nasdaq 100 down 16.61 at 2547.32, 10 points off its low. Advance-declines were worse than 3 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq as well. Up/down volume was 4 1/2 to 1 negative on New York, with total volume of 700 million shares traded today. Nasdaq traded about 1 3/4 billion shares and had a 3 1/2 to 1 negative volume ratio. For the most part, the indices had a down-day across the board. TheTechTrader.com board was negative, but there were some gainers as well. Leading the way today were the ultra-shorts. The VelocityShares Daily 2x VIX ST ETN (TVIX) was up 2.77 to 19.05, trading as high as 21.10 at one point on nearly 29.4 million shares, the biggest volume ever. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) jumped 2.20 to 27.87, on 47 million, and the Direxion Daily Small Cap Bear 3X Shares (TZA) was up 78 cents to 19.50, on 20 million. The Direxion Daily Financial Bear 3X Shares (FAZ) added 68 cents to 26.67 on 16.3 million. It was a very big, heavy volume day on the ultra-shorts. Other stocks of note included Apple Inc. (AAPL), which, on news of a new product, jumped to a new all-time high at 497.62, closing at 493.42, up just 25 cents, nearly a complete reversal there. Junior-oil favorite Cobalt International Energy, Inc. (CIE), with an oil discovery, exploded 7.78 to 31.68, 5 points off its high, or 32 1/2%, on 18.3 million. It reached an all-time high, at which point we suggested that our subscribers take profits. Low-priced Move, Inc. (MOVE) jumped 1.16 to 8.47. In addition, Pharmacyclics Inc. (PCYC) had a stellar day today, up 3.42 to 23.23, or 17%, on 4 million shares. That’s one of our top picks of the year, and on our Top 25 list. Imperial Sugar Co. (IPSU) was up 69 cents to 6.71, or 11%, and ran up to 7.59. It fell way off the high, but that was a nice gain of 11%, on nearly 9 million shares, which is huge volume for that stock. WNS Holdings (WNS) rose 1.14 to 10.54, or 12%; RPX Corporation (RPXC) 1.88 to 19.13, or 11%; junior biotech Exelixis, Inc. (EXEL) 47 cents to 6.14, or 8 1/2%, on 10 million shares; and VOXX International Corporation (VOXX) 96 cents to 13.89, or 7 1/2%. Also, Treehouse Foods, Inc. (THS) was up 2.39 to 57.46, Sally Beauty Holdings Inc. (SBH) up 99 cents to 22.92, reaching new all-time highs on 3.6 million shares, and Alexion Pharmaceuticals, Inc. (ALXN) up 3.03 to 83.45. Noble Corporation (NE) gained 1.37 to 38.95. On the downside, Goldman Sachs (GS) dropped 1.76 to 114.12, Coinstar Inc. (CSTR) lost 91 cents to 56.40, Universal Display Corp. (PANL) was down 1.01 to 45.46, Rackspace Hosting, Inc (RAX) 1.14 to 48.51, Stamps.com Inc. (STMP) 1.72 to 30.29, and VirnetX Holding Corp (VHC) 1.29 to 24.65. A lot of momentum stocks got hit, but they were saved by the late snapback. However, we’re not convinced, and will see what the market does Monday, a pivotal day, in my opinion. Good Trading! Harry