Late Rally Turns Blue Chips Positive |
By Harry Boxer |
Published
02/18/2011
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Stocks
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Unrated
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Late Rally Turns Blue Chips Positive
The stock market indices ended the week mixed, but a strong, late pop to the upside brought the S&P 500 back in the positive territory to go along with the Dow, and finished the week on a very positive note, despite a midday, sharp dip that tested support. Yet, another successful test of support, and the bulls appear to still be in control. With a 3-day weekend ahead of us, we’ll see how it goes Tuesday, but certainly an impressive way to end the week.
Net on the day, the Dow was up 73.11 at 12,391.25, the S&P 500 up 2.58 at 1343.01, and the Nasdaq 100 down 5.10 at 2392.47.
Advance-declines were positive today by a little less that 3 to 2 on the New York Stock Exchange, but only by about 75 issues on Nasdaq. Up/down volume was almost dead-even flat on New York, with total volume about 1.1 billion. Nasdaq traded 2 billion shares, and had about a 10 to 9 positive ratio.
TheTechTrader.com board was mostly lower today, but there were quite a few gainers. Travelzoo Inc. (TZOO) was up 1.52 to 43.76, Aruba Networks, Inc. (ARUN) up 4.54 to 31.22 was the highlight today. Revlon, Inc. (REV) jumped 1.44 to 14.63, TechTarget, Inc. (TTGT) 1.37 to 8.67, NXP Semiconductors NV (NXPI) 2.00 to 29.31, KV Pharmaceutical Co. (KV-A) jumped another 1.28 to 9.86 today, Exelixis, Inc. (EXEL) 87 cents to 10.76 were among some of the other highlights.
On the downside, Apple Inc. (AAPL) got hammered back another 7.74 to close at 350.56, as rumors continue about Steven Jobs’ deteriorating health. Chipotle Mexican Grill, Inc. (CMG) fell 5.39 to 260.15, Buffalo Wild Wings Inc. (BWLD) 1.49 to 54.48, Amazon.com Inc. (AMZN) 1.26 to 186.50, and Molycorp, Inc. (MCP) 3.02 to 44.63. Spreadtrum Communications Inc. (SPRD) lost 1.98 to 20.91, and Stratasys Inc. (SSYS) 1.70 to 46.00 even.
There were quite a few point-plus losers as well, and a mixed picture to close the week, but they managed to keep them in the positive for the most part, other than the Nasdaq 100, which suffered because of Apple.
Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.
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