trong Pre-Election Session
Posted on November 05, 2012 at 18:15 PM EST
The stock market indices, pre-election day, were volatile, but the day ended in the plus column after a nice surge. The day started out with a move up and then a quick move down, with the S&P 500 reaching 1408, a 3-day low. But the indices bounced sharply reaching the session highs at their resistance level. When they weren’t able to get through, they backed off to retest. The NDX went all the way back to test the morning lows and held. The S&P 500 made a higher low, and then they took off in a 5-wave advance. The S&P 500 jumped from 1410 to 1420, and the NDX from 2653 to 2679. In the last 10-15 minutes they backed off as Intel Corporation (INTC) got hit with some rumors about Apple Inc. (AAPL) contemplating switching INTC chips. As a result, ARM Holdings plc (ARMH) ran up. Nevertheless, it was a solid day. Net on the day, the Dow was up 19.28 at 13,112.44. The S&P 500 was up 3.06 at 1417.26, 2 1/2 points off its high and 9 points off its low. The Nasdaq 100 closed up 16.63 to 2672.91, about 6 points off its high and 21 points off its low. Advance-declines edged in the plus column, 16 to 14 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was less than 3 to 2 positive on New York, with total volume of 584 million shares. Nasdaq traded over 1.6 billion and had a better than 2 to 1 positive volume ratio. TheTechTrader.com board was narrowly mixed for the most part, but there were some outstanding stocks, particularly some of our favorites. Apple Inc. (AAPL) was up 7.82 to 584.62, but Google Inc. (GOOG) was down 4.96 to 682.96. Amazon (AMZN) was up 1.91 to 234.33. Netflix (NFLX) jumped 1.34 to 78.24. Other point plus gainers included Patrick Industries Inc. (PATK) up 1.09 to 18.09, Sarepta Therapeutics, Inc. (SRPT) up 1.34 to 23.85, and SolarWinds, Inc. (SWI) 1.55 to 52.16. Vringo, Inc. (VRNG), one of our leader, jumped 1.18 to 3.95, or 42.6%, on 16 million shares. Primo Water Corporation (PRMW) gained 40 cents to 1.14, or 54%, on 3 million shares, a 1200% increase in volume. Low-priced icad Inc. (ICAD) gained 85 cents to 3.00 even, or 40%. Equal Energy Ltd. (EQU) advanced 49 cents to 3.59, or 16%. InterMune Inc. (ITMN) exploded 1.13 to 8.98, or 4%, on 1.9 million shares. Strategic Hotels & Resorts, Inc. (BEE) ran 74 cents to 6,31m or 13%, on 14 million shares. Our stock of the day, Nam Tai Electronics, Inc. (NTE), on great earnings, made its way up 4.41 to 15.12, or 41%, on 7.5 million shares. We traded it today. BioMarin Pharmaceutical Inc. (BMRN) was up 11.66 to 49.07, or 31%, on 13 million shares. Bruker Corporation (BRKR), which we traded today, gained 1.91 to 14.50, or 15%, on 2.7 million shares. hhgregg, Inc. (HGG) jumped 90 cents to 8.50, or 12%, on 2.4 million shares. Array BioPharma, Inc. (ARRY) was up 43 cents to 4.51, or 11%, on 1.8 million shares. Turquoise Hill Resources Ltd. (TRQ) was up 77 cents to 8.93, REEDS, Inc. (REED) up 70 cents to 8.12, Tesla Motors, Inc. (TSLA) 2.58 to 31.50, SINA Corporation (SINA) 4.25 to 57.30, The Brink's Company (BCO) 1.49 to 27.69, and Transocean Ltd. (RIG) 2.58 to 48.64. On the downside, the only two stocks down more than a point today were Pharmacyclics Inc. (PCYC) down to 46.56, only to rally back to 51.33, down 6.04, and SodaStream International Ltd. (SODA), down 1.67 to 34.82. Stepping back and reviewing the hourly chart patterns, the indices were down early, then rallied sharply midmorning, only to pull back early afternoon to retest. When that was successful, they came on sharply during the last three hours in a 5-wave advance, reaching the session highs within 15 minutes of the close, only to pull back into the close before election day. It was a nice day for the indices and most of the stocks we traded today. We’ll see how it goes on tomorrow. Good Trading! Harry