Market Overview

Negative Session Closes Well Off Lows

(via COMTEX News Network)--

Negative Session Closes Well Off Lows By Harry Boxer, an publication

The stock market indices started off with a big gap down early, and then dropped really hard early on before bouncing early in the morning and then retesting. When that was successful they started a rally that lasted the rest of the day, and took back a good chunk of the losses, but still it was a very negative start to the week.

Net on the day, the Dow was down 140.24 at 12,201.59, about 108 points off the low. The S&P 500 was down 14.54 at 1305.14, about 11 points off its low. The Nasdaq 100 was about 38 points off its low, but still down 15.24 at 2292.34.

Advance-declines were 581 up and 2462 down on the New York Stock Exchange, about a 4 to 1 negative ratio, and about 21 to 5 negative on Nasdaq. Up/down volume was about 10 to 1 negative on New York on total volume of about 920 million. Nasdaq traded 1.8 billion and had about a 4 1/2 to 1 negative ratio. board, needless to say, was mostly negative. There were a few outstanding issues today. Amarin Corporation plc (AMRN) jumped 8.33 to 17.10, up 95% on 53.5 million shares today, on positive drug news. Apple Inc. (AAPL) came back a whopping 12 off its low and closed up 4.39 to 331.85, a big reversal day there. Molycorp, Inc. (MCP) continues its winning ways, up 96 cents to 75.18. Atrinsic, Inc. (ATRN) was up 66 cents, or nearly 28%, to 3.05. Yongye International, Inc. (YONG) gained 47 cents to 5.23, and Neoprobe Corp. (NEOP) 39 cents to 4.42.

In addition, the ultra-short ETFs did very well, with the Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.71 to 37.51, the Direxion Daily Financial Bear 3X Shares (FAZ) 1.59 to 42.96, and the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 1.28 to 18.55 along with the Direxion Daily Large Cap Bear 3X Shares (BGZ) up 1.23 to 27.18.

On the downside losses included InterMune Inc. (ITMN) down an even 4.00 to 47.00, Travelzoo Inc. (TZOO) down 1.07 to 77.74, and Northern Oil and Gas, Inc. (NOG), continuing its recent losing way, down 1.26 to 22.19. Ocz Technology Group Inc. (OCZ) got hammered for 1.02 to 8.95, Goldman Sachs (GS) lost 1.35 to 153.78, and Chipotle Mexican Grill, Inc. (CMG) gave back 1.76 to 283.37. Brigham Exploration Co. (BEXP) dropped 1.06 to 32.52, Inc. (AMZN) 1.67 to 178.34, and gold stock Golden Minerals Company (AUMN) 1.45 to 21.50, among the gold and silver stocks we traded today.

Stepping back and reviewing the hourly chart patterns, the indices gapped down big and then sold off sharply early on, but hit their session lows in the first hour and a half before rebounding to reach the session highs on the Nasdaq 100. They closed off them on the S&P 500, but near the snapback highs.

It was a nice snapback, but we'll have to find out tomorrow whether it was more than merley a technical bounce.

Good Trading!


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