The S&P 500 and the Dow were roughly flat as volume increased slightly in an otherwise light-trading holiday environment. The NASDAQ experienced a distribution day as it was down a quarter of a percent on higher volume that was still well below-average. Going into year-end and this Wednesday's New Year's Day holiday, we would not expect too much in the way of decisive action.
Chinese stocks, particularly in the internet area, have been strong lately, and Friday saw a number of these names moving higher. Both Sina Corp. (SINA) and YY, Inc. (YY) had bottom-fishing pocket pivots as they attempt to round out the lows of potential new bases. Overall the iInternet-Content group of which both of these stocks are part of, remains strong with a #2 group ranking.
Twitter (TWTR) continues to melt down in rapid fashion after what was likely capitulation buying on Thursday. The stock is trading just under its 10-day moving average at 61.66 in pre-open trade, and it remains to be seen whether the 10-day line will provide any modicum of support for December's hottest-performing stock.
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