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Mixed Market Close After Gap Down
By Harry Boxer | Published  01/10/2011 | Stocks | Unrated
Mixed Market Close After Gap Down

The stock market indices ended mixed today, but they sure looked higher for most of the session. After a gap down took them to sharply lower lows early on and tested key support on the S&P 500 at 1262, they then bounced sharply, pulled back and retested, and then took off, running from 1264 to 1271 and change. The Nasdaq 100 ran at that point from 2270 to 2288 and change. So, a nice snapback. Only in the last 10-15 minutes did they pull back a little bit off the highs, and closed mixed on the session.

The Dow was down 37.31 at 11,637.45. The S&P 500 was down 1.75 at 1269.75, but the NDX was up 7.68 at 2284.38.

Advance-declines were slightly positive by about 75 issues on the New York Stock Exchange and by about 275 issues on Nasdaq. Up/down volume was 5 to 4 negative on New York on total volume under 1 billion. Nasdaq traded almost 1.9, billion shares and had about a 11 to 7 positive ratio.

TheTechTrader.com board was vastly high with quite few winners on our board today. Leading the way, Acorda Therapeutics, Inc. (ACOR) was up 3.18 to 30.85, Aruba Networks, Inc. (ARUN) 1.60 to 24.92, and China New Borun Corporation (BORN) 1.23 to 12.00. Jazz Pharmaceuticals, Inc. (JAZZ) had a big day, up 1.79 to 21.55, as did Finisar Corp. (FNSR) up 1.30 to 32.96. E-Commerce China Dangdang Inc. (DANG) advanced 1.58 to 29.29, and BSQUARE Corp. (BSQR) 1.10 to 11.85. Rediff.com India Ltd. (REDF) had a big day today, 1.03 to 6.60, a big percentage gain there. STEC, Inc. (STEC) was up 1.18 to 20.36.

Those were the point-plus gainers on our board today.

In addition, LDK Solar Co., Ltd. (LDK), a big gainer today that we traded, jumped 1.93 to 12.36.

Other gainers of note, Power-One Inc. (PWER), one of our swing trades, was up 83 cents to 11.31. Spreadtrum Communications Inc. (SPRD), also a swing trade, gained 66 cents to 19.10. Another swing trade,Tii Network Technologies, Inc (TIII) rose 35 cents to 3.43. ZAGG Incorporated (ZAGG) jumped 77 cents to 9.81, GSI Technology Inc. (GSIT) 75 cents to 9.19. Allot Communications Ltd. (ALLT) 86 cents to 12.46, Kulicke & Soffa Industries Inc. (KLIC) 53 cents to 9.19, and AXT Inc. (AXTI) 44 cents to 10.90.

Those were among some of the gainers today.

In addition, low-priced Aastrom Biosciences, Inc. (ASTM) was up 65 cents to 3.25, a 25% jump today, and ACADIA Pharmaceuticals, Inc. (ACAD) 40 cents to 1.55, a 35% gain, so some action in the junior biotechs. Cardica Inc. (CRDC) closed up 35 cents to 5.00, Fuel-Tech, Inc. (FTEK) 42 cents to 9.61, NN Inc. (NNBR) 92 cents to 14.74, and Huntsman Corporation (HUN) 1.37 to 17.55.

Stepping back and reviewing the hourly chart patterns, the indices were down early, but bounced from the bottom, and then ran the rest of the session only to back off late in the session and close mixed on the day.

But not a bad start for the indices for the week for the most part.

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