A Good Start to the Week
Posted on January 22, 2013 at 18:17 PM EST
The stock market started out with a thud as the indices dropped sharply, led lower by market generals, such as Apple (AAPL) and Google (GOOG). But the market had a strong, afternoon rally when support held, and when the S&P 500 refused to confirm the NDX. At around 11:30 or so, the NDX reached the session lows, and the S&P 500 reached their lows around 10:00. They went straight up from there with only an afternoon pullback and then a late surge into the close, an explosive surge for the NDX, in particular. Net on the day, the Dow was up 62.43 at 13,712.13, closing at the high for the day. The S&P 500 was up 6.53 at 1492.51, also closing right at the high for the day. The Nasdaq 100 went from 2726 to 2746, and closed within a point of its high, up 2.95. Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was 3 to 1 positive on New York, with total volume of just under 700 million shares. Nasdaq traded nearly 1 3/4 billion and had a 10 to 7 positive volume ratio. TheTechTrader.com board was led by Apple Inc. (AAPL), up 4.77 to 504.77, 3 points off the high, but 8 points off the low. International Business Machines Corporation (IBM) was up 1.61 to 196.08, and got up to 203 1/2 in afterhours, on strong earnings. Research In Motion Limited (RIMM) had a very special, big day today, up 2.06 to 17.90, on 110 million shares. SodaStream International Ltd. (SODA) jumped 1.00 to 49.75, on 4.1 million shares. Other gainers of note included Goldman Sachs Group, Inc. (GS) up 1.50 to 145.95, First Solar, Inc. (FSLR) up 1.50 to 31.58, Facebook, Inc. (FB) 1.07 to 30.73, and Dunkin' Brands Group, Inc. (DNKN) 48 cents to 36.22, reaching near its post-IPO high. There were quite a few percent gainers on our board today. Daqo New Energy Corp. (DQ) jumped 2.56 to 12.80, or 25%, on light volume. US Energy Corp. (USEG) gained 40 cents to 2.19, or 22%, on 1.1 million shares, 1300% more volume than usual. Matrix Service Company (MTRX) popped 1.67 to 14.80, or 12%. OM Group Inc. (OMG) exploded 2.73 to 25.91, or 12%, on 3 million shares. Seagate Technology Public Limited Company (STX) gained 2.51 to 37.89, or 7%, on 15 million shares. Cimatron Ltd. (CIMT) advanced 92 cents to 6.47, or 16%, on 1.2 million shares, 4300% increase in volume. Hansen Medical, Inc. (HNSN) gained 31 cents to 2.57, or 13%, on 1.7 million shares. Celsion Corp. (CLSN) climbed 74 cents to 7.74, or 11%, on 1.6 million shares. JinkoSolar Holding Co., Ltd. (JKS) ran 84 cents to 7.73, or 12%. ACADIA Pharmaceuticals Inc. (ACAD) was up 45 cents to 5.67, or 9%, on 2.2 million shares. On the downside, Google Inc. (GOOG) closed down 1.64 to 702.87, but after hours was trading at 736 on earnings. Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, but then fell sharply, only to come back with a roar throughout the rest of the session, with the S&P 500 making new 5-year highs, and the Nasdaq 100 surging about 9 points in the last 10 minutes to close right near the session highs going away. It was a good start to the week for the indices. We’ll see how it goes on tomorrow. Good Trading! Harry