Blue Chips Edge Higher, While Nasdaq Lags in Consolidation Session

The stock market indices had a very narrow consolidation day after the strong opening, but it was diverging today as the Nasdaq 100 opened down, and the S&P 500 opened up. They then consolidated and went sideways, and, as a result, the NDX finished lower, while the S&P 500 and Dow finished higher, but not by a lot.

The day started out with a back and forth move up to resistance at 2830 NDX and a new high of 1437 and change on the S&P 500. Then they backed down, tested support on several occasions throughout the rest of the session at 2820 NDX and around 1435 S&P 500. That held most of the day, and in the last 15 minutes they did firm up to get the S&P 500 to new session, month, and year highs.

Net on the day, the Dow was up 14.64 at 13,306.64, and the S&P 500 up 5.80 at 1437.92, but the Nasdaq 100 was down 4.60 at 2825.11.

Advance-declines were about 2 to 1 positive on New York Stock Exchange, and about 14 to 10 positive on Nasdaq. Up/down volume was 3 to 1 positive on New York, with total volume of 657 million shares. Nasdaq traded about 1.7 billion, and had a slightly lower volume ratio. board was narrowly mixed today, but there were a few interesting issues. Apple Inc. (AAPL) gained 4.17 to 680.44, reaching a new all-time high today at 682.48. Google Inc. (GOOG) was up 6.75 to 706.15, but trading 6 points higher than that earlier in the Inc. (AMZN) jumped 7.76 to 259.14, and closed not far off the high for the day, after introducing the new Kindle. Goldman Sachs (GS) was up 2.79 to 116.33.

Peregrine Pharmaceuticals Inc. (PPHM) was higher on positive cancer drug news, 1.44 to 4.51, or 47%, on nearly 29 million shares.

Biotech stocks were in focus today as Cell Therapeutics, Inc. (CTIC) popped 58 cents to 2.37, or 32.4%, on 2.1 million shares. Coffee Holding Co.Inc. (JVA) gained 1.44 to 7.60, or 23.4%, on 1.3 million shares.

Metal stocks looked good today. Mechel OAO (MTL) advanced 93 cents to 6.99, or 15%, on 9.8 million shares. Cliffs Natural Resources Inc. (CLF) was up 5.05 to 39.91, or 14 1/2%, on 15.9 million shares. Freeport-McMoRan Copper & Gold Inc. (FCX) jumped 3.09 to 39.43, or 81/2%, on 39.4 million shares.

Other gainers of note included Green Mountain Coffee Roasters Inc. (GMCR), was up 3.25 to 27.83, Smith & Wesson Holding Corporation (SWHC) up 1.07 to 10.07, trading over 11.00 earlier in the day, Peabody Energy Corp. (BTU) 2.31 to 23.71, Tumi Holdings, Inc. (TUMI) 2.27 to 25.22, and The Cooper Companies Inc. (COO) 7.30 to 93.33.

It was a big day today on our board for most stocks.

On the downside, the ultra-short ETFs got hammered. The ProShares Ultra VIX Short-Term Futures ETF (UVXY) was down 4.48 to 34.72, after a reverse split, and the ProShares UltraShort Silver (ZSL) lost 3.07 to 42.91.

Stepping back and reviewing the hourly chart patterns, the indices basically spiked early on, and then went sideways the rest of the day to consolidate.

It was not a bad day after a strong week.

Good Trading!


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