Best of the Week
Most Popular
1.Are UK Savings Interest Rates Finally Starting to Rise? Best Cash ISA 2017 - Nadeem_Walayat
2.Inflation Tsunami - Supermarkets, Retail Sector Crisis 2017, EU Suicide and Burning Stocks - Nadeem_Walayat
3.Big Moves in the World Stock Markets - Big Bases - Rambus_Chartology
4.The Next Financial Implosion Is Not Going To Be About The Banks! - Gordon_T_Long
5.Why EU BrExit Single Market Access Hard line is European Union Committing Suicide - Nadeem_Walayat
6.Trump Ramps Up US Military Debt Spending In Preparations for China War - Nadeem_Walayat
7.Watch What Happens When Silver Price Hits $26...  - MoneyMetals
8.Stock Market Fake Risk, Fake Return? Market Crash? - 2nd Mar 17 - Axel_Merk
9.Global Inflation Surges, Central Banks Losing Control and Triggered the Wage Price Spiral? - Nadeem_Walayat
10.Why Gold Will Boom In 2017 - James Burgess
Last 7 days
Ending Syria’s Nightmare will Take Pressure From Below - 29th Mar 17
Charts That Reveal US Real Employment Status and It’s Not Good - 29th Mar 17
SNP Controlled Scottish Parliament Demands Right for Scotland to Commit Suicide - Indyref2 - 29th Mar 17
USD Gold Myriad of Signs - 28th Mar 17
Ominous Social Trends That Will Shape Our Future - 28th Mar 17
Foundation And Empire: Is Donald Trump The Mule? - 28th Mar 17
Top Ten US Dollar Risks - 27th Mar 17
The Popularity of Gambling and Investing Amongst Students - 27th Mar 17
Is Political Betting on the Rise? - 27th Mar 17
US Stock Market Consolidation Time - 27th Mar 17
Russia Crisis - Maps That Signal Growing Instability and Unrest - 27th Mar 17
Goldman Sachs Backing A Copper Boom In 2017 - 27th Mar 17
Foundation – Fall Of The American Galactic Empire - 27th Mar 17
Stock Market More Correction Ahead - 27th Mar 17
US Dollar Inflection Point - 27th Mar 17
Political Week Presurres US Stock Market - 25th Mar 17
London Terror Attack Red Herring, Real Issue is Age of Reason vs Religion - 25th Mar 17
Will Washington Risk WW3 to Block an Emerging EU-Russia Superstate - 25th Mar 17
Unaccountable Military Industrial Complex Is Destroying America and the Rest Of The World Too - 25th Mar 17
Silver Mining Stock Fundamentals - 24th Mar 17
A Walk Down the Dark Road of Bad Government - 24th Mar 17
Is Stock Market Flash Crash Postponed Until Monday? - 24th Mar 17
Stock Market Bubble and Gold - 24th Mar 17
Maps Of Past Empires That Can Tell Us About The Future - 24th Mar 17
SNP Independent Scotland's Destiny With Economic Catastrophe, the English Subsidy - IndyRef2 - 24th Mar 17
Stock Market VIX Cycles Set To Explode March/April 2017 – Part II - 23rd Mar 17
Is Now a Good Time to Invest in the US Housing Market? - 23rd Mar 17
The Stock Market Is a Present-Day Version of Pavlov’s Dog - 23rd Mar 17
US Budget - There’s Almost Nothing Left To Cut - 23rd Mar 17
Stock Market Upward Reversal Or Just Quick Rebound Before Another Leg Down? - 23rd Mar 17
Trends to Look Out For as a Modern-day Landlord - 23rd Mar 17
Here’s Why Interstate Health Insurance Won’t Fix Obamacare / Trumpcare - 23rd Mar 17
China’s Biggest Limitations Determine the Future of East Asia - 23rd Mar 17
This is About So Much More Than Trump and Brexit - 23rd Mar 17
Trump Stock Market Rally Over? 20% Bear Drop By Mid Summer? - 22nd Mar 17
Trump Added $3 Trillion in Wealth to Stock Market Participants - 22nd Mar 17
What's Next for the US Dollar, Gold and Stocks? - 22nd Mar 17
MSM Bond Market Full Nonsense Mode as ‘Trump Trades’ Unwind on Schedule - 22nd Mar 17
Peak Gold – Biggest Gold Story Not Being Reported - 22nd Mar 17
Return of Sovereign France, Europe’s Changing Landscape - 22nd Mar 17
Trump Stocks Bull Market Rolling Over? You Were Warned! - 22nd Mar 17
Stock Market Charts That Scream “This Is It” - Here’s What to Do - 22nd Mar 17
Raising the Minimum Wage Is a Jobs Killing Move - 22nd Mar 17
Potential Bottoming Patterns in Gold and Silver Precious Metals Stocks Complex... - 22nd Mar 17
UK Stagflation, Soaring Inflation CPI 2.3%, RPI 3.2%, Real 4.4% - 21st Mar 17
The Demise of the Gold and Silver Bull Run is Greatly Exaggerated - 21st Mar 17
USD Decline Continues, Pull SPX Down as well? - 21st Mar 17
Trump Watershed Budget - 21st Mar 17
How do Client Acquisition Offers Affect Businesses? - 21st Mar 17

Market Oracle FREE Newsletter

Elliott Wave Trading

Mixed Stock Market Day, AAPL Pulling Nasdaq Down

Stock-Markets / Stock Markets 2013 Jan 25, 2013 - 09:44 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market had a very interesting, mixed day today, with the indices blue chips up slightly. The Dow was up, the S&P 500 was flat, and the Nasdaq 100 was down as Apple dropped a whopping 63.51, after the earnings report, on 52 million shares. This stock is fractionally under 450.00 in afterhours trading and is pretty much a disaster. It has gone from 705 to 450 in just a couple months.


The day started out with the indices down, but they reversed sharply, actually with the S&P 500 going to new highs above 1500 at 1502.27. Nasdaq 100 did manage to bounce back up to 2723 up to 2748, but that 15-point rally was short lived as they rolled over midday into early afternoon, the NDX dropping from 2748 to 2728. The S&P 500 bounced back from 1502 and change to 1491, but held support at 1489.90. Then they rallied the last hour, hour and a half, the S&P 500 jumping back from 1491 to 1498. However, without the NDX, or Apple, participating, they rolled back into the close to finish with a mixed picture.

Net on the day, the Dow was up 46.00 at 13,825.33. The S&P 500 was up .01 at 1494.82, 8 points off its high. The Nasdaq 100 was down 38.64 at 2723.53, 25 points off the high and 4 points off the low.

Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 13 1/2 to 11 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 658 million shares. Nasdaq traded over 2 billion and had an 11 to 9 positive volume ratio.

Charts of the Day: Click below to view video.


TheTechTrader.com board, was mixed, mainly because Apple Inc. (AAPL) was down 63.51 to 450.50 at the close. However, Netflix Inc. (NFLX), on solid earnings, was up 43.60 to 146.86, Google Inc. (GOOG) up 12.33 to 758.83, Priceline.com Incorporated (PCLN) 7.29 to 679.55, and Amazon.com Inc. (AMZN) 5.51 to 273.62, certainly helped balance the Apple loss. Still, there were 1100 decliners today, many of those Nasdaq stocks.

First Solar, Inc. (FSLR) dropped 85 cents to 30.30, and the VelocityShares 3x Long Silver ETN (USLV) down 1.70 to 29.26

Percent gainers on our board included Swift Transportation Company (SWFT), which we traded today, up 2.91 to 13.14, or 28 1/2%, on 15 million shares. iRobot Corporation (IRBT) advanced 1.95 to 23.06, or 9%, on nearly a million shares. Embraer SA (ERJ) 2.60 to 31.16, or 9%, on 3.1 million shares. InvenSense, Inc. (INVN) 1.52 to 14.76, or 11 1/2%, on 7.5 million shares.

Travel stocks did well today. Travelzoo Inc. (TZOO), which we also traded, popped 4.67 to 23.88, or 24% on 1.2 million shares. TravelCenters of America LLC (TA) gained 66 cents to 6.66, or 11%, on 1 million shares.

Overstock.com Inc. (OSTK) was up 1.05 to 16.43, InterOil Corporation (IOC), which we traded today, up 5.33 to 61.07, Methanex Corp. (MEOH) 2.48 to 34.77, Briggs & Stratton Corporation (BGG) 2.13 to 23.00, and Avnet, Inc. (AVT) 2.23 to 34.40.

Other gainers of note included Cash America International, Inc. (CSH), up 3.40 to 46.56, Deluxe Corp. (DLX) up 2.65 to 36.30, Green Mountain Coffee Roasters Inc. (GMCR) 2.70 to 43.78, Brunswick Corporation (BC) 2.41 to 35.22, CVR Energy, Inc. (CVI) 2.72 to 54.11, rounded out our gainers board today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, snapping back just as sharply to new highs on the S&P 500, but failing to do so on the Nasdaq 100, leaving an island reversal, a very potent, negative pattern on the NDX, and one to pay attention to.

Over the next few days we'll be watching key support on the Nasdaq 100 in the 2700 - 2708 zone. If that is broken, then there's much more downside to come. The S&P 500 current support is around 1490, followed underneath that by 1484-5 area. If those levels are broken, we may see much steeper pullbacks.

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) 2013 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

© 2005-2016 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

Catching a Falling Financial Knife