Best of the Week
Most Popular
1.London House Prices Bubble, Debt Slavery, Crimea 2.0 - Russia Ukraine Annexation - Nadeem_Walayat
2. Gold And Silver – 2014 Coud Be A Yawner; Be Prepared For A Surprise - Michael_Noonan
3.Sheffield, Rotherham Roma Benefits Plague, Ch5 Documentary Gypsies on Benefits & Proud - Nadeem_Walayat
4.Glaring Q.E. Failure Spotted - Money Velocity Is Falling Rapidly - Jim_Willie_CB
5.Don't Miss the Boat on Big Biotech Catalysts: Keith Markey - Keith Markey
6.Gold Prices 2014: Do What Goldman Does, Not What It Says - David Zeiler
7.Bitcoin Price Strong Appreciation to Be Followed by Declines? - Mike_McAra
8.Gold Preparing to Launch as U.S. Dollar Drops to Key Support - Jason_Hamlin
9.Doctor Doom on the Fiat Money Empire Coming Financial Crisis - Andrew_McKillop
10.The Real Purpose Of QE - It’s Not Employment - Darryl_R_Schoon
Last 72 Hrs
This is the Next “Big Thing” in Energy - 24th Apr 14
Rome Wasn't Burnt In A Day - 24th Apr 14
When Does Government Policy Become Criminal Behavior? - 24th Apr 14
The Great Recession Grinds On - Measuring Misery around the World - 24th Apr 14
Apple, Facebook Beat Expectations - Stock Markets Long-term Recap - 24th Apr 14
Broad Stock Market Situation on the Remains Tense as Companies Release Quarterly Earnings - 24th Apr 14
How High-Frequency Traders Use Dark Pools to Cheat Investors - 24th Apr 14
Stock Market Bears Wrong Again, Apple to Push Dow to New All time High - 24th Apr 14
Gold Prepared for the Attack of the Short Sellers - 24th Apr 14
Weak U.S. Housing Data Supports Euro - 24th Apr 14
Killing the Maximum-Wage Myth - 23rd Apr 14
U.S. Quarterly Economic Review - Optimism at the Fed - 23rd Apr 14
Why Mohamed El-Erian Left Pimco - Video - 23rd Apr 14
QE Is A Fraud Perpetrated By Made Men - 23rd Apr 14
Gold and Miners Outperform Once Again - 23rd Apr 14
G-20 and the US Tell the Bank of Japan to End Quantitative Easing - 23rd Apr 14
How to Get in the Trading Game and Profit - 23rd Apr 14
Fed Follies, U.S. Housing Market Fiasco - 23rd Apr 14
What Will December 31, 2014 Financial Headlines Look Like? - 23rd Apr 14
Why Gasoline Prices are Surging Again - 22nd Apr 14
Cold War 2.0 - 22nd Apr 14
The JIS – Junk Ideology Syndrome - 22nd Apr 14
How to Avoid Losing All Your Money - 22nd Apr 14
Silver Up, Stocks S&P Down - 22nd Apr 14
U.S. Mainstream Media Propaganda Setting the Stage for War With Pakistan - 22nd Apr 14
U.S. Interest Rates are NOT Rising! - 22nd Apr 14
A Crisis vs. the REAL Crisis: Keep Your Eye on the Debt Ball - 22nd Apr 14
Bitcoin Implications of Lack of Price Action - 22nd Apr 14
Japan - The Twilight Of The Rising Sun - 22nd Apr 14
Is This What a Credit Bubble Looks Like? - 22nd Apr 14
The Dark Side Of The Silver Mining Industry - 21st Apr 14
Strong U.S. Dollar Rally Could Pull Rug From Under Gold and Silver - 21st Apr 14
Silver Feeble Rally Fails to Hold Breakout, Falling Back Towards Support - 21st Apr 14
Stock Market Smart Money – All Out or More to Go? - 21st Apr 14
Fast Rising Pump Prices Counterattack - 21st Apr 14
Extreme Climate Change And Life On This Planet - 21st Apr 14
Gold and Silver Stocks Sitting Tight - 21st Apr 14
Stock Market Minor Correction Imminent - 21st Apr 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

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

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2012 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

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.

Harry Boxer Archive

© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014