Tiger Shark Trading, Daily Commentary from Professional Traders - http://www.tigersharktrading.com
Nasdaq Trails In Mixed Stock Session
http://www.tigersharktrading.com/articles/21981/1/Nasdaq-Trails-In-Mixed-Stock-Session/Page1.html
By Harry Boxer
Published on 12/6/2011
 

The stock market indices were mixed at the close today. The day started out a little bit to the upside, but failed at resistance.


Nasdaq Trails In Mixed Stock Session

The stock market indices were mixed at the close today. The day started out a little bit to the upside, but failed at resistance. They rolled over hard, especially on the Nasdaq 100, where the market generals were weak, and they actually tested yesterday’s late lows, but the S&P 500 made higher lows. They then consolidated for a couple hours. Late in the afternoon they popped and ran hard to new session highs, and then retested yesterday’s double-top on the S&P 500. The NDX fell short, however, and in the last 45 minutes they rolled over hard right into the close, closing negative on the index. The Dow and S&P 500 managed to gain on the session, but the volume was light.

Net on the day, the Dow was up 52.30 at 12,150.13, the S&P 500 up 1.39 to 1258.47, or 8 points off its high, and the Nasdaq 100 closed down 5.46 at 2321.48, or 14 points off its high.

Advance-declines were negative by just slightly on the New York Stock Exchange, and by about 300 issues negative on Nasdaq. Up/down volume was flat on New York, with total volume of a light 785 million shares traded today. Nasdaq traded 1.45 billion shares and had an 8 to 5 negative volume ratio.

TheTechTrader.com board, as a result, was mixed, with both gainers and losers today. Leading the way today were quite a few low-priced stocks. Oncothyreon Inc (ONTY) was up 1.02 to 8.16, or 14%; Frontline Ltd. (FRO) up 66 cents to 4.20, or 18.6%; RiT Technologies Ltd. (RITT) 1.25 to 4.47, or 38.75%; Orbitz Worldwide, Inc. (OWW) 48 cents to 3.99, or 13.68%; ModusLink Global Solutions, Inc. (MLNK) 60 cents to 5.05, or 13%; Genco Shipping & Trading Ltd. (GNK) 45 cents to 8.03, or 6%; and Peregrine Pharmaceuticals Inc. (PPHM) 21 cents to 1.21, or 21%.

In addition, Comstock Resources Inc. (CRK) was up 2.43 to 19.32 on acquisition news, Procera Networks, Inc. (PKT) up 1.01 to 17.06, LinkedIn Corporation Class A Co (LNKD) 3.25 to 73.20, and Mercadolibre, Inc. (MELI) 3.58 to 94.62.

Other stocks of note included International Business Machines Corp. (IBM) up 2.10 to 192.94, an all-time new high for them. Goldman Sachs (GS) rose 1.34 to 101.16, and SodaStream International Ltd. (SODA) 76 cents to 33.89.

On the downside, point-plus losers included Apple Inc. (AAPL) down 2.06 to 390.95, Netflix, Inc. (NFLX) 1.98 to 68.14, Onyx Pharmaceuticals Inc. (ONXX) 1.60 to 42.40, Youku.com Inc (YOKU) 1.45 to 18.98, Amazon.com Inc. (AMZN) 4.25 to 191.99, and Green Mountain Coffee Roasters Inc. (GMCR) 1.90 to 56.98.

It should be interesting to see what happens tomorrow.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.