Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Apple, Nasdaq Pressure Stock Market

Stock-Markets / Stock Markets 2012 Apr 17, 2012 - 01:42 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market started the week off on a very soar note, particularly on the Nasdaq 100, as Apple Inc. (AAPL) pressured stocks all day and dropped a whopping 25.10 to under 600 at 580.13, just 2 points off its low and way off its high. The bottom line is that weakness in Apple and some of the other market generals, including Intel Corporation (INTC), put a lot of pressure on the NDX.

The day started out with a sharp move up quickly, followed by a hard rollover into the session lows on the NDX at 2661. The S&P 500 at that point was under 1366. They bounced, pulled back, and then bounced again to nominal new highs on Nasdaq 100, and even more so on the S&P 500, reaching 1376 from 1365, or around 11 points. In the last couple hours, though, they drifted lower in an orderly fashion, and closed near the afternoon lows on both indices, sliding substantially on the Nasdaq 100.


Net of the day, the Dow was up 71.82 at 12.921.41. The S&P 500 closed down 69 cents at 1369.57, only 4 points off the low and the Nasdaq 100 fell 28.89 at 2670.10, about 10 points off the low.

Advance-declines were 17 to 13 positive on the New York Stock Exchange, and 1313 up and 1177 down on Nasdaq. So, despite the Nasdaq drop, much of it attributed to Apple and a few others for the most part, Nasdaq performed fairly well. Up/down volume, because of Apple, was 3 to 2 negative.

Charts of the Day: Click below to view video.

Reviewing our Watchboard:

TheTechTrader.com board was mostly negative. Cobalt International Energy, Inc. (CIE) dropped 2.03 to 26.35, Netflix, Inc. (NFLX) 3.02 to 101.15, and SodaStream International Ltd. (SODA) 1.21 to 34.41, despite being up early on news of a new product line.

On the upside, there were plenty of gainers today. Low-priced Endocyte, Inc. (ECYT) did a deal with Merck, and exploded 3.82 to 7.62, or 100%, on 9.7 million shares. Hauppauge Digital, Inc. (HAUP) jumped 37 cents to 1.36, or 37.37%, on 2.1 million shares. Vringo, Inc. Common Stock (VRNG) gained 93 cents to 3.97, trading as high as 4.50, or 31%, on 19 million shares, on news that Mark Cuban buys a stake in the stock.

OptimumBank Holdings Inc. (OPHC) ran 60 cents to 2.60, or 30%. USA Technologies Inc. (USAT) jumped 25 cents to 1.62, or 19%, on 1.6 million shares. Stratasys Inc. (SSYS) blasted 5.23 to 41.21, or 15%, on 1.7 million shares. YRC Worldwide Inc. (YRCW) gained 85 cents to 7.18, or 13%.

In addition, 3D Systems Corporation (DDD) advanced 1.85 to 26.28, Conns Inc. (CONN) 1.08 to 18.69, Overseas Shipholding Group Inc. (OSG) 53 cents to 10.54, Reliance Steel & Aluminum Co. (RS) 2.36 to 54.43 on good earnings, Seagate Technology PLC (STX) 1.13 to 32.50, Georgia Gulf Corp. (GGC) 1.30 to 32.75, and Riverbed Technology, Inc. (RVBD) 1.00 even to 26.52.

Stepping back and reviewing the hourly chart patterns, the indices were up just at the opening, and then dropped sharply, bounced, retested, tried to rally in the afternoon, and then closed weakly for a lousy start to the week, particularly on Nasdaq.

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) 2012 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

© 2005-2022 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