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Catching a Falling Financial Knife

Apple, Nasdaq Pressure Stock Market

Stock-Markets / Stock Markets 2012 Apr 17, 2012 - 01:42 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market started the week off on a very soar note, particularly on the Nasdaq 100, as Apple Inc. (AAPL) pressured stocks all day and dropped a whopping 25.10 to under 600 at 580.13, just 2 points off its low and way off its high. The bottom line is that weakness in Apple and some of the other market generals, including Intel Corporation (INTC), put a lot of pressure on the NDX.

The day started out with a sharp move up quickly, followed by a hard rollover into the session lows on the NDX at 2661. The S&P 500 at that point was under 1366. They bounced, pulled back, and then bounced again to nominal new highs on Nasdaq 100, and even more so on the S&P 500, reaching 1376 from 1365, or around 11 points. In the last couple hours, though, they drifted lower in an orderly fashion, and closed near the afternoon lows on both indices, sliding substantially on the Nasdaq 100.


Net of the day, the Dow was up 71.82 at 12.921.41. The S&P 500 closed down 69 cents at 1369.57, only 4 points off the low and the Nasdaq 100 fell 28.89 at 2670.10, about 10 points off the low.

Advance-declines were 17 to 13 positive on the New York Stock Exchange, and 1313 up and 1177 down on Nasdaq. So, despite the Nasdaq drop, much of it attributed to Apple and a few others for the most part, Nasdaq performed fairly well. Up/down volume, because of Apple, was 3 to 2 negative.

Charts of the Day: Click below to view video.

Reviewing our Watchboard:

TheTechTrader.com board was mostly negative. Cobalt International Energy, Inc. (CIE) dropped 2.03 to 26.35, Netflix, Inc. (NFLX) 3.02 to 101.15, and SodaStream International Ltd. (SODA) 1.21 to 34.41, despite being up early on news of a new product line.

On the upside, there were plenty of gainers today. Low-priced Endocyte, Inc. (ECYT) did a deal with Merck, and exploded 3.82 to 7.62, or 100%, on 9.7 million shares. Hauppauge Digital, Inc. (HAUP) jumped 37 cents to 1.36, or 37.37%, on 2.1 million shares. Vringo, Inc. Common Stock (VRNG) gained 93 cents to 3.97, trading as high as 4.50, or 31%, on 19 million shares, on news that Mark Cuban buys a stake in the stock.

OptimumBank Holdings Inc. (OPHC) ran 60 cents to 2.60, or 30%. USA Technologies Inc. (USAT) jumped 25 cents to 1.62, or 19%, on 1.6 million shares. Stratasys Inc. (SSYS) blasted 5.23 to 41.21, or 15%, on 1.7 million shares. YRC Worldwide Inc. (YRCW) gained 85 cents to 7.18, or 13%.

In addition, 3D Systems Corporation (DDD) advanced 1.85 to 26.28, Conns Inc. (CONN) 1.08 to 18.69, Overseas Shipholding Group Inc. (OSG) 53 cents to 10.54, Reliance Steel & Aluminum Co. (RS) 2.36 to 54.43 on good earnings, Seagate Technology PLC (STX) 1.13 to 32.50, Georgia Gulf Corp. (GGC) 1.30 to 32.75, and Riverbed Technology, Inc. (RVBD) 1.00 even to 26.52.

Stepping back and reviewing the hourly chart patterns, the indices were up just at the opening, and then dropped sharply, bounced, retested, tried to rally in the afternoon, and then closed weakly for a lousy start to the week, particularly on Nasdaq.

Good Trading!

Harry

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Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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Catching a Falling Financial Knife