Morning Report – March 24th, 2014
The stock indexes sent mixed messages on Friday. Volume was extremely heavy, and biotech stocks led the reversal to the downside, but there was strength in the Utilities, Materials and Energy sectors. The NASDAQ and NDX were weakest among the major market indexes, but small cap stocks held up relatively well. The candle on the NASDAQ shows a gap up, and then a complete reversal to close at 11.11% of its daily range, down 1.45% from its opening price. On the chart, the candle looks extremely negative, but the index is still well within its trading range, and until support is taken out on the close around the 4250 level, the Composite remains in neutral territory.
Many stocks and groups were immune from the selloff, but the biotech and solar stocks were not. The biotech stocks were down 4.2% as a group, with 103 decliners vs. 11 advancers. My Solar Related stocks group shows 15 decliners with 5 advancing stocks, although First Solar did well up 4.1%. First Solar is up from $54 to over $73 in 5 trading sessions. Read Full Report