Best of the Week
Most Popular
1.The Greatest Stock Market Crash Of Your Life Is Just Ahead… – Warns Harry Dent - GoldCore
2.Budget 2016: Borrowing, Lifetime ISA, House Prices, Economy, Syria, Brexit and Stocks - Nadeem_Walayat
3.Gold Price Intermediate Top - Clive_Maund
4.Brussels Terror Attacks, Death of the European Union, BrExit Wake up Call - Nadeem_Walayat
5.Stock Market Maybe This Time is Different? - Tony_Caldaro
6.UK House Asking Prices Break Above £300k! Housing Market Paralysis - Nadeem_Walayat
7.A Big Reason Why Silver Price Is Set To Soar - Hubert_Moolman
8.The Financial Crisis Has Just Begun; Is The American Dream Is Over? - Chris_Vermeulen
9.Gold Stocks Spring Rally - Zeal_LLC
10.GLX, GLDX, Baby Gold Bull Market Stillborn? - Rambus_Chartology
Last 7 days
Gold Commitments of Traders and More - 1st May 16
The Magic of Gold Ratio Charts - 1st May 16
Consensus Forming: China Heading Back Into Financial Crisis - 30th Apr 16
The Next Technical Price Targets for Gold & Silver - 30th Apr 16
Stock Market Downtrend Should be Underway - 30th Apr 16
Gold And Silver – A Clarion Alarm Call For All Paper Assets - 30th Apr 16
US Economic Statistics LIES, LIES AND OMG, MORE LIES - 30th Apr 16
Stock Market Strong Elliott Wave Relationship is Developing - 29th Apr 16
Fed's Kaplan: Brexit to Factor in US June Interest Rate Decision - 29th Apr 16
Silver Miners Strong in Grim Q4 - 29th Apr 16
Is Silver a better bet than Gold in the Near Future? - 29th Apr 16
How to Use the CoT Report in Gold Investing? - 29th Apr 16
Sri Lanka is Intriguing: Areas to Consider for Value Investing - 29th Apr 16
Gold “Chart of The Decade” – Maths Suggest $10,000 Per Ounce Says Rickards - 29th Apr 16
Are We or Are We Not in a New Gold Bull Market? - 29th Apr 16
Silver: The “Five Year Plan” and the Great Leap Forward - 28th Apr 16
Michael Hudson: The Wall Street Economy Has Taken Over The Economy and Is Draining It! - 28th Apr 16
AUD/USD - Trend Reversal or Just a Bigger Pullback? - 28th Apr 16
A Gold Revaluation Could Transform Your Financial Status - Overnight - 28th Apr 16
Monetary Policies Misunderstood - 28th Apr 16
Gold Bullion vs Gold Miners - 28th Apr 16
OECD Suggests BrExit Would Cut Net Migration by 1.2 Million by 2030 - 28th Apr 16
MP Naz Shah Punished for Tweets Made During Israel's Genocide of Gaza Palestinian People - 28th Apr 16
Global Recession in 2016 and Beyond - The Obvious Evidence - 27th Apr 16
Why Gold Bugs Need to Stop Listening to The Fear Mongers and Start Thinking for a Change - 27th Apr 16
BlackRock’s Fink: Fed to Raise Interest Rates by Quarter Point ‘at Best’ - 27th Apr 16
Gold More Productive Than Cash?! - 27th Apr 16
Donald Trump Will Fire Janet Yellen and Be Trapped - 27th Apr 16
Money Saving Gardening by Propagating Roses From Cuttings - Propagating Rose Plants Over 2.5 Years - 27th Apr 16
Facebook Censors Pro Trump and Negative Hillary News - 27th Apr 16
This is the Era of the Democrats and Your Taxes are Going Up - 27th Apr 16
Long Awaited Gold Price Breakout - 26th Apr 16
Crude Oil Price Double Top or Further Rally? - 26th Apr 16
Madness in the Crimex Gold and Silver Trading Pits - 26th Apr 16
Britain's Prospects: GBP and BREXIT - MAP Wave Analysis - 26th Apr 16
CRB, Gold, Oil, Cotton, Coffee - 7 Must See Commodities Charts - 26th Apr 16
Gold Price Target is $3,000 and Silver is $75 per Ounce - 25th Apr 16
Parameters for a Stock Market Sell Signal-in-the-making - 25th Apr 16
Stock Market Dangerous Divergence - 25th Apr 16
Gold Miners Nub is the Sweat of the Sun - 24th Apr 16
US Dollar Price Forecast - 24th Apr 16
Stock Market Upside Objective Reached - 24th Apr 16
Why Leftist Greeks have more reasons than Liberals to favour Entrepreneurship and Support Entrepreneurs - 24th Apr 16
The Dow Jones is a Catalyst for Misplaced Stock Market Optimism - 24th Apr 16
Why Russia Harasses U.S. Aircraft and Ships - 24th Apr 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Catching a Falling Financial Knife

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